Snowflake (NYSE:SNOW) Raised to Buy at Monness Crespi & Hardt

Monness Crespi & Hardt upgraded shares of Snowflake (NYSE:SNOW) from a neutral rating to a buy rating in a research note published on Wednesday morning, Marketbeat Ratings reports. They currently have $140.00 target price on the stock.

A number of other equities analysts have also recently commented on the company. Morgan Stanley reissued an “equal weight” rating and set a $175.00 price target on shares of Snowflake in a report on Thursday, August 22nd. DA Davidson reaffirmed a “buy” rating and set a $175.00 price target on shares of Snowflake in a research note on Thursday, October 3rd. Robert W. Baird lowered their target price on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research report on Tuesday, August 20th. Stifel Nicolaus reduced their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Finally, Barclays decreased their price target on Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $174.17.

Snowflake Stock Performance

Shares of NYSE SNOW traded up $2.19 during midday trading on Wednesday, reaching $123.61. The company’s stock had a trading volume of 1,334,343 shares, compared to its average volume of 6,471,885. The company has a market cap of $41.43 billion, a P/E ratio of -39.67 and a beta of 0.83. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The business’s 50 day moving average price is $114.63 and its two-hundred day moving average price is $129.94.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.52) EPS. Sell-side analysts forecast that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the completion of the sale, the executive vice president now directly owns 721,755 shares in the company, valued at $86,610,600. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Christian Kleinerman sold 30,000 shares of Snowflake stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the sale, the executive vice president now owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now directly owns 218,246 shares in the company, valued at $23,998,330.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,538 shares of company stock valued at $5,249,994. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Comerica Bank boosted its position in shares of Snowflake by 17.2% during the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after buying an additional 4,296 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in Snowflake by 23.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after purchasing an additional 43,062 shares during the period. Cetera Investment Advisers raised its stake in Snowflake by 201.5% during the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after buying an additional 42,563 shares during the last quarter. LRI Investments LLC bought a new position in shares of Snowflake during the 1st quarter valued at $29,000. Finally, Fulton Bank N.A. grew its stake in shares of Snowflake by 17.4% during the 2nd quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock valued at $208,000 after purchasing an additional 228 shares during the period. 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.