Snowflake (NYSE:SNOW) Coverage Initiated at Raymond James

Posted by on Jun 2nd, 2022

Investment analysts at Raymond James started coverage on shares of Snowflake (NYSE:SNOW – Get Rating) in a report issued on Thursday, The Fly reports. The brokerage set an “outperform” rating on the stock.

Several other equities analysts also recently commented on the company. Sumitomo Mitsui Financial Group initiated coverage on Snowflake in a report on Friday, April 1st. They set a “neutral” rating and a $253.00 price target on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Snowflake from $300.00 to $175.00 in a research note on Thursday, May 26th. JMP Securities cut their target price on shares of Snowflake from $385.00 to $180.00 and set a “market outperform” rating for the company in a research report on Thursday, May 26th. Stifel Nicolaus decreased their price target on shares of Snowflake from $240.00 to $120.00 in a report on Thursday, May 26th. Finally, Evercore ISI lowered their price target on Snowflake from $250.00 to $175.00 and set an “outperform” rating on the stock in a research report on Thursday, May 26th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, Snowflake has a consensus rating of “Buy” and an average target price of $225.86.

Shares of Snowflake stock traded up $12.20 during midday trading on Thursday, reaching $138.35. 246,454 shares of the company’s stock traded hands, compared to its average volume of 9,822,333. The company has a market cap of $43.52 billion, a price-to-earnings ratio of -65.57 and a beta of 1.87. The company’s 50 day simple moving average is $178.27 and its 200 day simple moving average is $255.61. Snowflake has a 52 week low of $112.10 and a 52 week high of $405.00.

Snowflake (NYSE:SNOW – Get Rating) last announced its quarterly earnings results on Wednesday, May 25th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.47. The company had revenue of $422.37 million during the quarter, compared to analysts’ expectations of $413.01 million. Snowflake had a negative return on equity of 12.66% and a negative net margin of 45.48%. The business’s quarterly revenue was up 84.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.69) earnings per share. As a group, research analysts expect that Snowflake will post -1.6 EPS for the current year.

In other Snowflake news, Director Michael L. Speiser sold 750,000 shares of the company’s stock in a transaction dated Friday, March 18th. The shares were sold at an average price of $222.18, for a total transaction of $166,635,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.30% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Glassman Wealth Services raised its holdings in shares of Snowflake by 233.3% in the fourth quarter. Glassman Wealth Services now owns 80 shares of the company’s stock valued at $27,000 after buying an additional 56 shares during the last quarter. PrairieView Partners LLC lifted its position in shares of Snowflake by 66.7% during the fourth quarter. PrairieView Partners LLC now owns 100 shares of the company’s stock worth $34,000 after purchasing an additional 40 shares in the last quarter. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Snowflake during the fourth quarter worth approximately $34,000. KRS Capital Management LLC acquired a new position in shares of Snowflake during the fourth quarter worth approximately $33,000. Finally, GW&K Investment Management LLC bought a new position in Snowflake in the 4th quarter valued at $34,000. 76.67% of the stock is owned by institutional investors and hedge funds.

About Snowflake (Get Rating)

Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company's 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. Its platform is used by various organizations of sizes in a range of industries.

Featured Articles

The Fly logo

Analyst Recommendations for Snowflake (NYSE:SNOW)

Want More Great Investing Ideas?

Receive News & Ratings for Snowflake Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snowflake and related companies with MarketBeat.com's FREE daily email newsletter.