Several other equities analysts have also commented on the company. Morgan Stanley upped their target price on Snowflake from $215.00 to $230.00 and gave the company an overweight rating in a research note on Thursday, November 30th. Scotiabank increased their price target on Snowflake from $194.00 to $226.00 and gave the company a sector outperform rating in a report on Thursday, November 30th. Needham & Company LLC reaffirmed a buy rating and set a $225.00 target price on shares of Snowflake in a report on Monday, January 8th. Bank of America assumed coverage on Snowflake in a research report on Thursday, October 12th. They set a neutral rating and a $195.00 price target on the stock. Finally, Capital One Financial upgraded Snowflake from an equal weight rating to an overweight rating and set a $195.00 target price on the stock in a research report on Wednesday, November 8th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Snowflake has an average rating of Moderate Buy and an average target price of $198.78.
Snowflake Stock Performance
Snowflake (NYSE:SNOW – Get Free Report) last issued its quarterly earnings data on Wednesday, November 29th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.09. Snowflake had a negative return on equity of 14.46% and a negative net margin of 33.35%. The business had revenue of $734.20 million for the quarter, compared to the consensus estimate of $713.75 million. During the same period in the prior year, the business earned ($0.60) earnings per share. The business’s revenue was up 31.8% on a year-over-year basis. On average, analysts predict that Snowflake will post -1.72 EPS for the current fiscal year.
Insider Buying and Selling
In other Snowflake news, SVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $220.00, for a total transaction of $2,200,000.00. Following the completion of the sale, the senior vice president now directly owns 736,567 shares in the company, valued at $162,044,740. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Snowflake news, CRO Christopher William Degnan sold 2,346 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $203.28, for a total transaction of $476,894.88. Following the completion of the sale, the executive now directly owns 102,007 shares in the company, valued at $20,735,982.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $220.00, for a total transaction of $2,200,000.00. Following the completion of the sale, the senior vice president now owns 736,567 shares of the company’s stock, valued at $162,044,740. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 557,276 shares of company stock worth $107,616,302. Company insiders own 8.30% of the company’s stock.
Institutional Investors Weigh In On Snowflake
Hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its position in Snowflake by 79.2% during the first quarter. PNC Financial Services Group Inc. now owns 4,293 shares of the company’s stock valued at $984,000 after purchasing an additional 1,897 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in shares of Snowflake in the 1st quarter worth about $2,880,000. Panagora Asset Management Inc. grew its position in Snowflake by 24.8% in the 1st quarter. Panagora Asset Management Inc. now owns 2,718 shares of the company’s stock worth $623,000 after purchasing an additional 540 shares in the last quarter. Raymond James Trust N.A. bought a new stake in Snowflake in the 1st quarter worth about $362,000. Finally, Cibc World Market Inc. grew its position in shares of Snowflake by 37.2% during the 1st quarter. Cibc World Market Inc. now owns 13,959 shares of the company’s stock valued at $3,198,000 after acquiring an additional 3,783 shares during the period. 63.74% of the stock is currently owned by institutional investors and hedge funds.
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.
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