KeyCorp Initiates Coverage on Snowflake (NYSE:SNOW)

Equities research analysts at KeyCorp began coverage on shares of Snowflake (NYSE:SNOW) in a research note issued on Thursday, Marketbeat reports. The brokerage set an “overweight” rating and a $185.00 price target on the stock. KeyCorp’s price target points to a potential upside of 16.65% from the company’s current price.

Other equities analysts have also issued reports about the stock. Mizuho reiterated a “buy” rating and issued a $205.00 price target (down from $255.00) on shares of Snowflake in a research report on Thursday, February 29th. Royal Bank of Canada dropped their price objective on shares of Snowflake from $255.00 to $246.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. JMP Securities raised their price objective on Snowflake from $212.00 to $235.00 and gave the company a “market outperform” rating in a research report on Thursday, February 29th. StockNews.com upgraded Snowflake from a “sell” rating to a “hold” rating in a research report on Wednesday, April 3rd. Finally, UBS Group raised their price objective on Snowflake from $185.00 to $225.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Price Performance

SNOW opened at $158.59 on Thursday. The firm has a market cap of $53.00 billion, a P/E ratio of -62.19 and a beta of 0.91. Snowflake has a 1-year low of $135.26 and a 1-year high of $237.72. The company has a 50 day simple moving average of $184.98 and a two-hundred day simple moving average of $179.03.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. The business had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. Equities analysts anticipate that Snowflake will post -1.92 earnings per share for the current year.

Insider Activity

In related news, CEO Sridhar Ramaswamy purchased 31,542 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was purchased at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the completion of the purchase, the chief executive officer now owns 31,542 shares of the company’s stock, valued at approximately $5,000,037.84. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Grzegorz Czajkowski sold 683 shares of Snowflake stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $110,249.86. Following the transaction, the executive vice president now directly owns 86,208 shares of the company’s stock, valued at $13,915,695.36. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sridhar Ramaswamy acquired 31,542 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were acquired at an average cost of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the acquisition, the chief executive officer now owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 180,555 shares of company stock valued at $36,918,917. Corporate insiders own 8.30% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently bought and sold shares of the business. Accent Capital Management LLC purchased a new position in Snowflake during the fourth quarter valued at approximately $25,000. Mango Five Family Inc. purchased a new position in Snowflake during the fourth quarter valued at approximately $26,000. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its holdings in Snowflake by 333.3% during the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock valued at $29,000 after buying an additional 100 shares during the period. Geneos Wealth Management Inc. grew its holdings in Snowflake by 822.2% in the first quarter. Geneos Wealth Management Inc. now owns 166 shares of the company’s stock worth $38,000 after purchasing an additional 148 shares during the last quarter. Finally, VitalStone Financial LLC grew its holdings in Snowflake by 616.0% in the second quarter. VitalStone Financial LLC now owns 179 shares of the company’s stock worth $32,000 after purchasing an additional 154 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.