Snowflake (NYSE:SNOW) Earns “Buy” Rating from Rosenblatt Securities

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reaffirmed by research analysts at Rosenblatt Securities in a research report issued on Tuesday,Benzinga reports. They currently have a $180.00 price target on the stock. Rosenblatt Securities’ price objective points to a potential upside of 39.41% from the company’s previous close.

SNOW has been the subject of a number of other reports. Monness Crespi & Hardt raised shares of Snowflake from a “neutral” rating to a “buy” rating and set a $140.00 price objective for the company in a research report on Wednesday, November 6th. Needham & Company LLC lowered their price objective on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. StockNews.com raised Snowflake from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Wedbush raised shares of Snowflake to a “hold” rating in a research report on Thursday, October 17th. Finally, TD Cowen reduced their price objective on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $171.59.

Snowflake Trading Down 0.9 %

Shares of Snowflake stock opened at $129.12 on Tuesday. The business’s fifty day moving average price is $117.82 and its 200 day moving average price is $127.89. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The stock has a market capitalization of $43.28 billion, a P/E ratio of -42.20 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. Snowflake’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.52) earnings per share. As a group, sell-side analysts predict that Snowflake will post -2.41 EPS for the current year.

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 1,606 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares in the company, valued at $23,998,330.16. This represents a 0.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the sale, the insider now owns 53,820 shares in the company, valued at $6,156,469.80. This represents a 3.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,538 shares of company stock worth $7,061,544. 7.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Several institutional investors and hedge funds have recently bought and sold shares of the business. Ontario Teachers Pension Plan Board grew its position in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after acquiring an additional 2,559,144 shares during the period. Swedbank AB acquired a new stake in Snowflake in the 1st quarter valued at about $258,957,000. Two Sigma Advisers LP raised its position in Snowflake by 27.9% in the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after purchasing an additional 881,700 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Snowflake by 210.0% during the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after acquiring an additional 660,168 shares during the period. Finally, SG Americas Securities LLC boosted its stake in shares of Snowflake by 471.9% in the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock valued at $87,489,000 after purchasing an additional 628,511 shares during the last quarter. Institutional investors own 65.10% 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, as well as applies artificial intelligence (AI) for solving business problems.