Rosenblatt Securities Reaffirms “Buy” Rating for Snowflake (NYSE:SNOW)

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating restated by stock analysts at Rosenblatt Securities in a report released on Tuesday,Benzinga reports. They currently have a $180.00 target price on the stock. Rosenblatt Securities’ price target would indicate a potential upside of 40.12% from the stock’s current price.

Several other research firms have also recently commented on SNOW. Jefferies Financial Group lowered their price target on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. Canaccord Genuity Group decreased their price target on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. TD Cowen dropped their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. Finally, Argus started coverage on Snowflake in a report on Tuesday, October 1st. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $171.59.

Snowflake Trading Up 0.8 %

Shares of Snowflake stock traded up $1.03 during mid-day trading on Tuesday, hitting $128.46. 2,419,841 shares of the stock were exchanged, compared to its average volume of 6,449,763. The company has a 50-day simple moving average of $117.08 and a 200 day simple moving average of $128.09. The stock has a market capitalization of $43.06 billion, a price-to-earnings ratio of -41.98 and a beta of 0.83. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72.

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

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christian Kleinerman sold 558 shares of Snowflake stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares of the company’s stock, valued at $83,511,651.08. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,538 shares of company stock valued at $7,061,544. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently bought and sold shares of the business. LRI Investments LLC bought a new position in shares of Snowflake during the first quarter valued at approximately $29,000. Wellington Shields Capital Management LLC bought a new position in Snowflake during the 2nd quarter worth $27,000. Groupama Asset Managment acquired a new stake in Snowflake in the third quarter worth $25,000. V Square Quantitative Management LLC bought a new stake in Snowflake in the third quarter valued at $30,000. Finally, Global Financial Private Client LLC acquired a new position in shares of Snowflake during the first quarter valued at $44,000. 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.