Snowflake’s (SNOW) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Snowflake (NYSE:SNOW) in a research note published on Tuesday, Benzinga reports. They currently have a $216.00 price target on the stock.

Several other research analysts also recently commented on SNOW. Raymond James decreased their target price on shares of Snowflake from $180.00 to $170.00 and set an outperform rating on the stock in a research note on Thursday, August 24th. Loop Capital reduced their price target on shares of Snowflake from $200.00 to $195.00 in a research report on Thursday, May 25th. JPMorgan Chase & Co. boosted their target price on shares of Snowflake from $155.00 to $180.00 in a research note on Wednesday, June 28th. Wedbush restated a neutral rating and issued a $144.00 price objective on shares of Snowflake in a report on Thursday, August 24th. Finally, UBS Group cut their price objective on shares of Snowflake from $170.00 to $155.00 in a report on Thursday, May 25th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $190.25.

Snowflake Trading Up 1.5 %

Shares of Snowflake stock opened at $159.47 on Tuesday. The company has a 50 day moving average of $165.80 and a 200-day moving average of $159.10. The company has a market cap of $51.97 billion, a PE ratio of -59.95 and a beta of 0.78. Snowflake has a 1-year low of $119.27 and a 1-year high of $203.62.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 23rd. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.12. Snowflake had a negative net margin of 35.22% and a negative return on equity of 14.07%. The business had revenue of $674.00 million for the quarter, compared to analyst estimates of $662.22 million. During the same period in the prior year, the firm earned ($0.67) earnings per share. Snowflake’s revenue was up 35.6% on a year-over-year basis. Research analysts forecast that Snowflake will post -1.62 earnings per share for the current year.

Insider Activity at Snowflake

In related news, insider Benoit Dageville sold 558 shares of the stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $174.31, for a total transaction of $97,264.98. Following the sale, the insider now directly owns 41,955 shares in the company, valued at approximately $7,313,176.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Christian Kleinerman sold 724 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $174.31, for a total transaction of $126,200.44. Following the sale, the senior vice president now owns 744,204 shares of the company’s stock, valued at approximately $129,722,199.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $174.31, for a total value of $97,264.98. Following the sale, the insider now directly owns 41,955 shares in the company, valued at approximately $7,313,176.05. The disclosure for this sale can be found here. Insiders have sold 643,125 shares of company stock worth $113,801,785 over the last three months. Company insiders own 8.30% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently added to or reduced their stakes in the company. BerganKDV Wealth Management LLC increased its stake in Snowflake by 153.7% in the first quarter. BerganKDV Wealth Management LLC now owns 170 shares of the company’s stock valued at $26,000 after acquiring an additional 103 shares during the last quarter. Global Trust Asset Management LLC increased its position in shares of Snowflake by 7,500.0% during the second quarter. Global Trust Asset Management LLC now owns 152 shares of the company’s stock worth $27,000 after acquiring an additional 150 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its position in Snowflake by 333.3% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock worth $29,000 after purchasing an additional 100 shares in the last quarter. M&R Capital Management Inc. grew its position in shares of Snowflake by 100.0% during the 1st quarter. M&R Capital Management Inc. now owns 200 shares of the company’s stock valued at $31,000 after acquiring an additional 100 shares during the period. Finally, VitalStone Financial LLC lifted its stake in shares of Snowflake by 616.0% during the 2nd quarter. VitalStone Financial LLC now owns 179 shares of the company’s stock valued at $32,000 after buying an additional 154 shares in the last quarter. Institutional investors own 63.74% of the company’s stock.

About Snowflake

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products.