Snowflake (NYSE:SNOW) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Snowflake (NYSE:SNOW) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

SNOW has been the subject of a number of other research reports. TD Cowen decreased their price objective on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. Evercore ISI decreased their price target on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Wedbush upgraded Snowflake to a “hold” rating in a research note on Thursday, October 17th. JMP Securities decreased their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research report on Thursday, August 22nd. Finally, Jefferies Financial Group dropped their price target on Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. One 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $172.09.

Snowflake Stock Down 1.2 %

SNOW opened at $129.19 on Tuesday. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72. The firm’s fifty day moving average price is $116.03 and its two-hundred day moving average price is $128.90.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping 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 business had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. The business’s revenue was up 28.9% on a year-over-year basis. Sell-side analysts predict that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 6,251 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $715,051.89. Following the completion of the sale, the director now owns 208,735 shares of the company’s stock, valued at $23,877,196.65. This represents a 2.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 558 shares of the business’s 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 owns 759,473 shares in the company, valued at $83,511,651.08. The trade was a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,061,544 over the last ninety days. Insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently made changes to their positions in SNOW. Allspring Global Investments Holdings LLC increased its position in Snowflake by 10.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,725 shares of the company’s stock valued at $279,000 after purchasing an additional 170 shares during the period. Empowered Funds LLC boosted its stake in shares of Snowflake by 23.2% during the 1st quarter. Empowered Funds LLC now owns 4,893 shares of the company’s stock valued at $791,000 after purchasing an additional 922 shares in the last quarter. Illinois Municipal Retirement Fund purchased a new position in shares of Snowflake during the first quarter valued at about $480,000. Inspire Investing LLC raised its stake in Snowflake by 22.6% in the first quarter. Inspire Investing LLC now owns 2,729 shares of the company’s stock worth $441,000 after buying an additional 503 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in Snowflake by 58.6% in the first quarter. US Bancorp DE now owns 56,211 shares of the company’s stock worth $9,084,000 after buying an additional 20,773 shares during the period. 65.10% of the stock is currently 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.