Truist Financial Reiterates Buy Rating for Snowflake (NYSE:SNOW)

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reiterated by research analysts at Truist Financial in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $210.00 price target on the stock. Truist Financial’s price objective would suggest a potential upside of 20.93% from the company’s current price.

SNOW has been the topic of a number of other reports. Barclays lifted their target price on Snowflake from $142.00 to $172.00 and gave the stock an “equal weight” rating in a research report on Thursday. Evercore ISI raised their price target on shares of Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a research note on Thursday. HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and upped their price target for the company from $119.00 to $121.00 in a research report on Friday, August 23rd. Loop Capital dropped their target price on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Finally, Citigroup reduced their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Trading Up 34.5 %

Snowflake stock traded up $44.54 during trading hours on Thursday, reaching $173.66. 38,832,964 shares of the company were exchanged, compared to its average volume of 6,634,719. The stock has a 50-day moving average of $117.82 and a 200 day moving average of $127.89. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The firm has a market cap of $58.21 billion, a price-to-earnings ratio of -56.75 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. During the same quarter in the prior year, the company earned ($0.52) EPS. The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, research analysts forecast that Snowflake will post -2.41 EPS for the current year.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the transaction, the executive vice president now directly owns 706,755 shares in the company, valued at approximately $85,354,801.35. This represents a 2.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock valued at $7,061,544 over the last three months. 7.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SNOW. Comerica Bank increased 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 worth $4,729,000 after buying an additional 4,296 shares during the period. DekaBank Deutsche Girozentrale increased its holdings in Snowflake by 23.4% in the first 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 in the last quarter. Cetera Investment Advisers boosted its holdings in shares of Snowflake by 201.5% during the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after buying an additional 42,563 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $29,000. Finally, Fulton Bank N.A. increased its stake in shares of Snowflake by 17.4% in the 2nd quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock valued at $208,000 after acquiring an additional 228 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

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.