Stephens Initiates Coverage on Snowflake (NYSE:SNOW)

Stock analysts at Stephens assumed coverage on shares of Snowflake (NYSE:SNOW) in a research report issued on Friday, Marketbeat.com reports. The firm set an “overweight” rating and a $261.00 price target on the stock. Stephens’ target price would indicate a potential upside of 20.42% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Rosenblatt Securities reiterated a “buy” rating and set a $205.00 target price on shares of Snowflake in a research report on Monday, May 19th. Daiwa Capital Markets assumed coverage on Snowflake in a research report on Tuesday, April 1st. They set a “buy” rating and a $210.00 target price on the stock. Jefferies Financial Group lifted their target price on Snowflake from $220.00 to $250.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. KeyCorp reiterated an “overweight” rating on shares of Snowflake in a research report on Wednesday, June 25th. Finally, Citigroup reiterated an “outperform” rating on shares of Snowflake in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $226.73.

Snowflake Stock Performance

NYSE:SNOW opened at $216.74 on Friday. The firm has a market capitalization of $72.36 billion, a PE ratio of -51.48 and a beta of 1.22. The business’s fifty day moving average price is $207.75 and its 200 day moving average price is $179.06. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. Snowflake has a 12 month low of $107.13 and a 12 month high of $226.60.

Snowflake (NYSE:SNOW) last posted its 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. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. Snowflake’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.14 earnings per share. On average, sell-side analysts anticipate that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 100,483 shares of the business’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $223.55, for a total transaction of $22,462,974.65. Following the sale, the director owned 165,507 shares of the company’s stock, valued at $36,999,089.85. The trade was a 37.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Teresa Briggs sold 1,146 shares of the business’s stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the sale, the director directly owned 4,474 shares in the company, valued at $974,168.76. This trade represents a 20.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,718,258 shares of company stock worth $589,762,906 over the last quarter. 6.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snowflake

Several institutional investors have recently modified their holdings of SNOW. ORG Wealth Partners LLC acquired a new position in shares of Snowflake during the 1st quarter worth approximately $898,000. SBI Securities Co. Ltd. raised its position in shares of Snowflake by 9.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 60,591 shares of the company’s stock worth $8,856,000 after purchasing an additional 5,197 shares during the last quarter. Deutsche Bank AG raised its position in shares of Snowflake by 26.0% during the 4th quarter. Deutsche Bank AG now owns 922,953 shares of the company’s stock worth $142,513,000 after purchasing an additional 190,583 shares during the last quarter. Artemis Investment Management LLP acquired a new position in shares of Snowflake during the 1st quarter worth approximately $9,090,000. Finally, Ardmore Road Asset Management LP acquired a new position in shares of Snowflake during the 4th quarter worth approximately $18,529,000. Hedge funds and other 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.