Monness Crespi & Hardt Upgrades Snowflake (NYSE:SNOW) to Buy

Monness Crespi & Hardt upgraded shares of Snowflake (NYSE:SNOW) from a neutral rating to a buy rating in a report published on Wednesday morning, MarketBeat Ratings reports. They currently have $140.00 price target on the stock.

SNOW has been the topic of several other reports. TD Cowen lowered their price target on Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. UBS Group lowered their price objective on Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. Wedbush raised Snowflake to a “hold” rating in a research report on Thursday, October 17th. Piper Sandler reissued an “overweight” rating and issued a $165.00 price target on shares of Snowflake in a report on Thursday, August 22nd. Finally, Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $173.56.

Snowflake Trading Down 2.2 %

SNOW opened at $120.88 on Wednesday. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The business has a 50 day moving average of $115.02 and a 200-day moving average of $129.83. The stock has a market capitalization of $40.52 billion, a price-to-earnings ratio of -39.50 and a beta of 0.83.

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

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the sale, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now directly owns 218,246 shares in the company, valued at $23,998,330.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the sale, the executive vice president now owns 706,755 shares of the company’s stock, valued at $85,354,801.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,538 shares of company stock valued at $7,061,544. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Ontario Teachers Pension Plan Board boosted its stake in Snowflake by 19,399.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after acquiring an additional 2,559,144 shares during the last quarter. Swedbank AB bought a new position in shares of Snowflake during the first quarter worth $258,957,000. AQR Capital Management LLC grew its holdings in shares of Snowflake by 210.0% in the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after buying an additional 660,168 shares during the period. SG Americas Securities LLC increased its position 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 buying an additional 628,511 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in Snowflake by 90.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after buying an additional 600,469 shares during the period. 65.10% of the stock is owned by institutional investors.

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.