Snowflake (NYSE:SNOW – Free Report) had its price objective increased by Bank of America from $160.00 to $185.00 in a report released on Thursday,Benzinga reports. They currently have a neutral rating on the stock.
SNOW has been the subject of several other reports. Rosenblatt Securities reiterated a “buy” rating and set a $180.00 target price on shares of Snowflake in a research note on Tuesday. TD Cowen dropped their price objective on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Needham & Company LLC increased their price objective on shares of Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday. Royal Bank of Canada increased their price objective on shares of Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Scotiabank dropped their price objective on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $180.23.
Read Our Latest Stock Analysis on Snowflake
Snowflake Trading Up 3.4 %
Snowflake (NYSE:SNOW – Get Free Report) last released its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. The firm had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.52) EPS. Equities research analysts predict that Snowflake will post -2.41 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. This trade represents a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,538 shares of company stock worth $7,061,544. Company insiders own 7.80% of the company’s stock.
Hedge Funds Weigh In On Snowflake
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNOW. LRI Investments LLC acquired a new position in Snowflake in the first quarter valued at about $29,000. Wellington Shields Capital Management LLC acquired a new position in Snowflake in the second quarter valued at about $27,000. Groupama Asset Managment acquired a new position in Snowflake in the third quarter valued at about $25,000. V Square Quantitative Management LLC acquired a new position in Snowflake in the third quarter valued at about $30,000. Finally, Global Financial Private Client LLC acquired a new position in Snowflake in the first quarter valued at about $44,000. 65.10% of the stock is owned by institutional investors.
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.
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