Wedbush Reaffirms Neutral Rating for Snowflake (NYSE:SNOW)

Wedbush reiterated their neutral rating on shares of Snowflake (NYSE:SNOW) in a research report report published on Wednesday morning, Benzinga reports. They currently have a $210.00 target price on the stock.

A number of other equities research analysts have also recently commented on the company. Citigroup reduced their price objective on Snowflake from $290.00 to $240.00 and set a buy rating for the company in a research note on Monday, March 4th. Mizuho restated a buy rating and issued a $205.00 target price (down from $255.00) on shares of Snowflake in a research note on Thursday, February 29th. Oppenheimer lowered their target price on Snowflake from $240.00 to $220.00 and set an outperform rating on the stock in a research note on Thursday, February 29th. Redburn Atlantic reiterated a sell rating and issued a $125.00 price target (down from $180.00) on shares of Snowflake in a research report on Tuesday, March 19th. Finally, Barclays reduced their price target on Snowflake from $198.00 to $188.00 and set an equal weight rating for the company in a research report on Friday, March 1st. Three 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 stock. According to MarketBeat, Snowflake presently has an average rating of Moderate Buy and an average price target of $200.64.

Snowflake Trading Up 1.0 %

SNOW stock opened at $156.17 on Wednesday. The firm has a market capitalization of $52.19 billion, a PE ratio of -55.77 and a beta of 0.90. Snowflake has a 1-year low of $138.40 and a 1-year high of $237.72. The business’s 50 day simple moving average is $157.03 and its 200 day simple moving average is $180.17.

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

Insider Buying and Selling

In related news, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following the transaction, the insider now directly owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Snowflake news, Director Mark D. Mclaughlin purchased 3,030 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were acquired at an average cost of $165.45 per share, with a total value of $501,313.50. Following the completion of the acquisition, the director now directly owns 11,687 shares in the company, valued at $1,933,614.15. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $156.25, for a total value of $1,330,468.75. Following the transaction, the insider now owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,380 shares of company stock valued at $9,803,625. 8.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Cigna Investments Inc. New lifted its stake in Snowflake by 1.6% in the fourth quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock worth $656,000 after purchasing an additional 51 shares during the last quarter. E&G Advisors LP lifted its stake in Snowflake by 3.0% in the fourth quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock worth $352,000 after purchasing an additional 51 shares during the last quarter. Commerce Bank lifted its stake in Snowflake by 0.8% in the fourth quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after purchasing an additional 51 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Snowflake by 34.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after purchasing an additional 52 shares during the last quarter. Finally, Valley National Advisers Inc. lifted its stake in Snowflake by 18.1% in the fourth quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock worth $68,000 after purchasing an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.