Snowflake (NYSE:SNOW) Receives Neutral Rating from Bank of America

Bank of America reissued their neutral rating on shares of Snowflake (NYSE:SNOW) in a research report sent to investors on Wednesday, Benzinga reports. Bank of America currently has a $200.00 price target on the stock.

Several other analysts have also commented on SNOW. 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. Canaccord Genuity Group lowered their price target on shares of Snowflake from $230.00 to $215.00 and set a buy rating on the stock in a research report on Friday, May 24th. JPMorgan Chase & Co. increased their price target on shares of Snowflake from $170.00 to $185.00 and gave the company an overweight rating in a research report on Thursday, May 23rd. Truist Financial lowered their price target on shares of Snowflake from $250.00 to $210.00 and set a buy rating on the stock in a research report on Thursday, February 29th. Finally, Guggenheim upgraded shares of Snowflake from a sell rating to a neutral rating in a research report on Friday, March 15th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $198.92.

Snowflake Trading Up 1.0 %

Shares of Snowflake stock opened at $127.17 on Wednesday. Snowflake has a 12-month low of $124.69 and a 12-month high of $237.72. The stock has a market cap of $42.58 billion, a PE ratio of -45.42 and a beta of 0.85. The company has a 50-day moving average of $150.51 and a two-hundred day moving average of $177.32.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The company had revenue of $828.71 million during the quarter, compared to analysts’ expectations of $786.95 million. On average, sell-side analysts forecast that Snowflake will post -2.27 EPS for the current fiscal year.

Insider Activity

In other news, insider Benoit Dageville sold 558 shares of Snowflake stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the completion of the transaction, the insider now directly owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Snowflake news, CAO Emily Ho sold 1,500 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $156.98, for a total transaction of $235,470.00. Following the sale, the chief accounting officer now directly owns 28,393 shares in the company, valued at approximately $4,457,133.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benoit Dageville sold 558 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total transaction of $71,596.98. Following the sale, the insider now owns 63,222 shares in the company, valued at $8,112,014.82. The disclosure for this sale can be found here. In the last three months, insiders sold 82,277 shares of company stock valued at $12,545,775. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Cigna Investments Inc. New raised its holdings in shares of Snowflake by 1.6% in the 4th quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock worth $656,000 after purchasing an additional 51 shares in the last quarter. E&G Advisors LP raised its holdings in shares of Snowflake by 3.0% in the 4th quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock worth $352,000 after purchasing an additional 51 shares in the last quarter. Commerce Bank raised its holdings in shares of Snowflake by 0.8% in the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after purchasing an additional 51 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Snowflake by 34.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after purchasing an additional 52 shares in the last quarter. Finally, Valley National Advisers Inc. raised its holdings in shares of Snowflake by 18.1% in the 4th quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock worth $68,000 after purchasing an additional 53 shares in the last quarter. 65.10% of the stock is currently 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.