Piper Sandler Reiterates Overweight Rating for Snowflake (NYSE:SNOW)

Piper Sandler restated their overweight rating on shares of Snowflake (NYSE:SNOW) in a research report released on Thursday morning,Benzinga reports. The firm currently has a $185.00 target price on the stock, up from their previous target price of $165.00.

Several other equities analysts have also weighed in on the stock. Evercore ISI cut their target price on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Morgan Stanley reiterated an “equal weight” rating and issued a $175.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. Jefferies Financial Group dropped their target price on Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Wedbush raised Snowflake to a “hold” rating in a report on Thursday, October 17th. Finally, Scotiabank dropped their price objective on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Stock Performance

NYSE:SNOW opened at $167.44 on Thursday. The firm’s fifty day moving average is $120.06 and its two-hundred day moving average is $128.00. The firm has a market cap of $56.13 billion, a price-to-earnings ratio of -49.39 and a beta of 0.83. Snowflake has a one year low of $107.13 and a one year high of $237.72.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 22.01% and a negative net margin of 33.02%. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period last year, the company earned ($0.52) earnings per share. Snowflake’s revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, equities research analysts predict 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 6,251 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $715,051.89. Following the transaction, the director now directly owns 208,735 shares in the company, valued at $23,877,196.65. This represents a 2.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on 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 directly owns 706,755 shares of the company’s stock, valued at $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,538 shares of company stock worth $7,061,544. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently bought and sold shares of the company. Westside Investment Management Inc. increased its stake in Snowflake by 47.4% during the third quarter. Westside Investment Management Inc. now owns 12,344 shares of the company’s stock worth $1,438,000 after purchasing an additional 3,971 shares during the period. Rehmann Capital Advisory Group grew its holdings in shares of Snowflake by 10.9% in the third quarter. Rehmann Capital Advisory Group now owns 1,932 shares of the company’s stock valued at $222,000 after purchasing an additional 190 shares in the last quarter. Sunbelt Securities Inc. increased its stake in Snowflake by 2.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 5,535 shares of the company’s stock worth $636,000 after buying an additional 142 shares during the period. Toronto Dominion Bank boosted its position in Snowflake by 24.1% in the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after buying an additional 7,239 shares during the period. Finally, Shaolin Capital Management LLC acquired a new position in shares of Snowflake in the third quarter worth $345,000. 65.10% of the stock is currently owned by hedge funds and other 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.