Snowflake (NYSE:SNOW) Earns Overweight Rating from Piper Sandler

Snowflake (NYSE:SNOW)‘s stock had its “overweight” rating reiterated by research analysts at Piper Sandler in a research note issued to investors on Thursday,Benzinga reports. They presently have a $185.00 target price on the stock, up from their previous target price of $165.00. Piper Sandler’s price objective would suggest a potential upside of 43.28% from the stock’s current price.

A number of other research firms have also commented on SNOW. Rosenblatt Securities restated a “buy” rating and set a $180.00 price target on shares of Snowflake in a research report on Tuesday. JMP Securities dropped their price objective on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. Barclays reduced their target price on Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. TD Cowen decreased their price target on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Finally, UBS Group lowered their target price on Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $175.79.

Snowflake Stock Down 0.9 %

SNOW opened at $129.12 on Thursday. The firm has a 50-day moving average price of $117.82 and a 200-day moving average price of $127.89. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The company has a market capitalization of $43.28 billion, a price-to-earnings ratio of -42.20 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its 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. The firm had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business’s quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.52) earnings per share. On average, sell-side analysts expect that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Frank Slootman sold 1,606 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now owns 218,246 shares in the company, valued at $23,998,330.16. The trade was a 0.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the sale, the insider now owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,061,544 in the last 90 days. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently bought and sold shares of the business. Covestor Ltd boosted its holdings in shares of Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after acquiring an additional 70 shares during the last quarter. Modus Advisors LLC boosted its holdings in Snowflake by 3.9% in the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after purchasing an additional 94 shares during the last quarter. Catalyst Private Wealth LLC raised its stake in Snowflake by 3.2% during the 3rd quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock valued at $382,000 after buying an additional 104 shares during the last quarter. Iron Gate Global Advisors LLC lifted its holdings in shares of Snowflake by 0.9% during the 1st quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,878,000 after buying an additional 105 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Snowflake by 30.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock worth $72,000 after buying an additional 108 shares during the last quarter. 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.