Snowflake (NYSE:SNOW) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Snowflake (NYSE:SNOW) from a sell rating to a hold rating in a research report released on Tuesday morning.

A number of other research firms also recently weighed in on SNOW. Needham & Company LLC cut their price target on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Robert W. Baird dropped their price target on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. HSBC raised Snowflake from a “reduce” rating to a “hold” rating and lifted their price objective for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $175.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus target price of $172.09.

Snowflake Price Performance

Shares of SNOW stock opened at $125.51 on Tuesday. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The firm has a 50-day moving average price of $115.33 and a 200 day moving average price of $129.12.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $851.72 million. During the same period last year, the company earned ($0.52) EPS. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. Equities analysts predict that Snowflake will post -2.41 earnings per share for the current year.

Insider Transactions at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the sale, the executive vice president now owns 759,473 shares in the company, valued at $83,511,651.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the business’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 $61,357.68. Following the completion of the sale, the executive vice president now owns 759,473 shares in the company, valued at $83,511,651.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Slootman sold 1,606 shares of the firm’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 completion of the transaction, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,538 shares of company stock valued at $7,061,544. 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 bought and sold shares of SNOW. Allspring Global Investments Holdings LLC grew its stake in Snowflake by 10.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,725 shares of the company’s stock worth $279,000 after buying an additional 170 shares during the last quarter. Empowered Funds LLC grew its position in shares of Snowflake by 23.2% during the first quarter. Empowered Funds LLC now owns 4,893 shares of the company’s stock worth $791,000 after acquiring an additional 922 shares during the last quarter. Illinois Municipal Retirement Fund acquired a new stake in shares of Snowflake in the 1st quarter worth about $480,000. Inspire Investing LLC lifted its position in Snowflake by 22.6% in the 1st quarter. Inspire Investing LLC now owns 2,729 shares of the company’s stock valued at $441,000 after purchasing an additional 503 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Snowflake by 58.6% during the 1st quarter. US Bancorp DE now owns 56,211 shares of the company’s stock valued at $9,084,000 after purchasing an additional 20,773 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.