Snowflake (NYSE:SNOW) Coverage Initiated by Analysts at CICC Research

CICC Research initiated coverage on shares of Snowflake (NYSE:SNOW) in a report published on Friday,Benzinga reports. The brokerage issued an outperform rating and a $225.00 target price on the stock.

SNOW has been the subject of a number of other reports. Scotiabank reissued an “outperform” rating on shares of Snowflake in a research note on Thursday, May 22nd. BTIG Research reissued a “buy” rating on shares of Snowflake in a research note on Thursday, May 22nd. HSBC lowered shares of Snowflake from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Piper Sandler reissued an “overweight” rating and set a $215.00 target price (up from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. Finally, Royal Bank Of Canada boosted their target price on shares of Snowflake from $236.00 to $250.00 and gave the company an “outperform” rating in a research note on Wednesday, June 4th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-three have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $223.54.

Snowflake Price Performance

SNOW opened at $211.84 on Friday. The company has a 50-day moving average of $183.12 and a 200-day moving average of $172.04. The company has a market capitalization of $70.73 billion, a P/E ratio of -50.32 and a beta of 1.21. Snowflake has a 1-year low of $107.13 and a 1-year high of $215.99. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the business posted $0.14 EPS. The company’s quarterly revenue was up 25.8% on a year-over-year basis. Equities analysts expect that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Activity

In related news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $160.00, for a total value of $1,600,000.00. Following the sale, the executive vice president now directly owns 590,632 shares in the company, valued at $94,501,120. This trade represents a 1.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $129.25, for a total transaction of $52,087.75. Following the completion of the sale, the director now owns 26,375 shares in the company, valued at $3,408,968.75. This represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 894,638 shares of company stock valued at $169,965,038. 6.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

A number of hedge funds have recently modified their holdings of SNOW. Norges Bank acquired a new stake in shares of Snowflake in the 4th quarter valued at approximately $988,950,000. GQG Partners LLC acquired a new stake in shares of Snowflake in the 4th quarter valued at approximately $750,572,000. Nuveen LLC acquired a new stake in shares of Snowflake in the 1st quarter valued at approximately $555,847,000. FMR LLC raised its position in shares of Snowflake by 84.9% in the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after acquiring an additional 2,805,425 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Snowflake by 346.2% during the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock worth $456,430,000 after buying an additional 2,460,769 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.