Snowflake (NYSE:SNOW) Trading 1.7% Higher After Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) rose 1.7% on Friday after Sanford C. Bernstein raised their price target on the stock from $171.00 to $185.00. Sanford C. Bernstein currently has a market perform rating on the stock. Snowflake traded as high as $159.00 and last traded at $157.14. Approximately 2,624,172 shares were traded during trading, a decline of 57% from the average daily volume of 6,132,622 shares. The stock had previously closed at $154.58.

Other analysts have also issued reports about the stock. Royal Bank of Canada cut their target price on shares of Snowflake from $246.00 to $220.00 and set an “outperform” rating on the stock in a research note on Monday, May 20th. Citigroup reduced their price objective on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a report on Monday, March 4th. Macquarie upgraded shares of Snowflake from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $182.00 to $205.00 in a research note on Thursday, February 29th. Redburn Atlantic restated a “sell” rating and issued a $125.00 price target (down from $180.00) on shares of Snowflake in a research note on Tuesday, March 19th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price target on shares of Snowflake in a report on Thursday. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $200.64.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total transaction of $241,725.00. Following the transaction, the executive vice president now directly owns 772,597 shares in the company, valued at $124,504,006.55. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total value of $241,725.00. Following the sale, the executive vice president now directly owns 772,597 shares in the company, valued at $124,504,006.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mark D. Mclaughlin acquired 3,030 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average price of $165.45 per share, with a total value of $501,313.50. Following the transaction, the director now directly owns 11,687 shares of the company’s stock, valued at approximately $1,933,614.15. The disclosure for this purchase can be found here. In the last quarter, insiders sold 62,380 shares of company stock worth $9,803,625. Company insiders own 8.30% of the company’s stock.

Institutional Trading of Snowflake

A number of institutional investors have recently added to or reduced their stakes in SNOW. Rakuten Securities Inc. acquired a new position in shares of Snowflake during the 4th quarter worth $790,000. Sequoia Financial Advisors LLC raised its position in Snowflake by 209.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock worth $927,000 after acquiring an additional 3,152 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Snowflake in the third quarter valued at about $458,000. Meridian Wealth Management LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at approximately $288,000. Finally, Glynn Capital Management LLC increased its stake in shares of Snowflake by 3.1% during the 3rd quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock worth $28,786,000 after purchasing an additional 5,629 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

The company has a 50-day moving average of $157.03 and a 200-day moving average of $180.17. The stock has a market capitalization of $52.19 billion, a price-to-earnings ratio of -55.77 and a beta of 0.90.

Snowflake (NYSE:SNOW) last released 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 company had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative return on equity of 15.54% and a negative net margin of 30.80%. As a group, analysts expect that Snowflake Inc. will post -1.83 earnings per share for the current year.

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.