Snowflake (NYSE:SNOW) Receives “Overweight” Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Snowflake (NYSE:SNOW) in a research report sent to investors on Thursday, Benzinga reports. Piper Sandler currently has a $240.00 price objective on the stock.

A number of other research firms have also recently issued reports on SNOW. KeyCorp lifted their target price on shares of Snowflake from $185.00 to $200.00 and gave the company an overweight rating in a research note on Thursday. Redburn Atlantic reiterated a sell rating and issued a $125.00 target price (down previously from $180.00) on shares of Snowflake in a research note on Tuesday, March 19th. Raymond James lifted their target price on shares of Snowflake from $190.00 to $223.00 and gave the company an outperform rating in a research note on Friday, February 2nd. Macquarie upgraded shares of Snowflake from a neutral rating to an outperform rating and lifted their target price for the company from $182.00 to $205.00 in a research note on Thursday, February 29th. Finally, Oppenheimer cut their target price on shares of Snowflake from $240.00 to $220.00 and set an outperform rating for the company in a research note on Thursday, February 29th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, Snowflake presently has an average rating of Moderate Buy and a consensus target price of $201.19.

Snowflake Trading Down 5.4 %

NYSE SNOW opened at $154.58 on Thursday. Snowflake has a twelve month low of $138.40 and a twelve month high of $237.72. The firm has a 50-day simple moving average of $157.04 and a 200 day simple moving average of $180.08.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. The firm had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.54%. As a group, sell-side analysts expect that Snowflake will post -1.83 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Mark D. Mclaughlin purchased 3,030 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was bought at an average price of $165.45 per share, with a total value of $501,313.50. Following the acquisition, the director now directly owns 11,687 shares of the company’s stock, valued at $1,933,614.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Benoit Dageville sold 689 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the transaction, the insider now owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mark D. Mclaughlin acquired 3,030 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was bought at an average cost of $165.45 per share, for a total transaction of $501,313.50. Following the completion of the transaction, the director now directly owns 11,687 shares in the company, valued at approximately $1,933,614.15. The disclosure for this purchase can be found here. Insiders sold 62,380 shares of company stock valued at $9,803,625 in the last quarter. Company insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Institutional investors have recently added to or reduced their stakes in the stock. Accent Capital Management LLC bought a new stake in Snowflake in the 4th quarter valued at $25,000. LRI Investments LLC bought a new stake in Snowflake in the 1st quarter valued at $29,000. Provence Wealth Management Group bought a new stake in Snowflake in the 3rd quarter valued at $30,000. Global Wealth Management Investment Advisory Inc. lifted its position in Snowflake by 89.0% in the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock valued at $31,000 after acquiring an additional 97 shares in the last quarter. Finally, Riverview Trust Co bought a new stake in Snowflake in the 1st quarter valued at $31,000. 65.10% of the stock is owned by 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.