Snowflake (NYSE:SNOW) Given Buy Rating at DA Davidson

DA Davidson reaffirmed their buy rating on shares of Snowflake (NYSE:SNOW) in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a $250.00 target price on the stock.

A number of other research analysts have also issued reports on the stock. Scotiabank restated an “outperform” rating on shares of Snowflake in a research note on Thursday, May 22nd. Rosenblatt Securities restated a “buy” rating and set a $205.00 price target on shares of Snowflake in a research note on Monday, May 19th. UBS Group upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and upped their price target for the company from $210.00 to $265.00 in a research note on Wednesday. Sanford C. Bernstein restated a “market perform” rating on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Loop Capital set a $220.00 price target on shares of Snowflake and gave the company a “buy” rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average price target of $221.28.

Snowflake Price Performance

Shares of SNOW opened at $209.44 on Wednesday. The company has a 50 day moving average price of $166.87 and a 200-day moving average price of $168.02. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $214.83. The stock has a market capitalization of $69.92 billion, a PE ratio of -61.78 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The company’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.14 EPS. Equities analysts predict that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, CAO Emily Ho sold 5,027 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $199.06, for a total value of $1,000,674.62. Following the sale, the chief accounting officer now directly owns 40,608 shares of the company’s stock, valued at approximately $8,083,428.48. The trade was a 11.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $205.67, for a total transaction of $2,056,700.00. Following the completion of the sale, the executive vice president now directly owns 570,632 shares in the company, valued at $117,361,883.44. This trade represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 849,779 shares of company stock worth $159,318,643 in the last ninety days. 6.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. boosted its position in Snowflake by 1.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company’s stock valued at $104,028,000 after buying an additional 8,857 shares during the period. Kirtland Hills Capital Management LLC lifted its position in shares of Snowflake by 40.1% during the 4th quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company’s stock worth $2,458,000 after purchasing an additional 4,559 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Snowflake by 455.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company’s stock worth $19,174,000 after purchasing an additional 101,806 shares during the last quarter. SPX Gestao de Recursos Ltda purchased a new stake in shares of Snowflake during the 4th quarter worth $3,088,000. Finally, Onyx Bridge Wealth Group LLC purchased a new stake in shares of Snowflake during the 4th quarter worth $237,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

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.