Snowflake’s (SNOW) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of Snowflake (NYSE:SNOW) in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a $185.00 price objective on the stock, up from their prior price objective of $165.00.

SNOW has been the topic of several other research reports. Evercore ISI dropped their target price on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Barclays dropped their price objective on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Needham & Company LLC raised their target price on Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday. Stifel Nicolaus lowered their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Finally, Loop Capital cut their price objective on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Stock Performance

SNOW stock traded up $0.50 on Thursday, hitting $171.85. 8,272,944 shares of the company’s stock were exchanged, compared to its average volume of 6,723,001. The firm has a 50 day moving average price of $118.98 and a two-hundred day moving average price of $128.19. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72. The stock has a market cap of $57.60 billion, a P/E ratio of -55.90 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. Sell-side analysts expect that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the sale, the insider now directly owns 53,250 shares of the company’s stock, valued at $5,932,582.50. The trade was a 0.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $85,354,801.35. This represents a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock worth $7,061,544 in the last 90 days. Insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Large investors have recently modified their holdings of the business. ProShare Advisors LLC lifted its stake in shares of Snowflake by 26.1% in the first quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock worth $230,000 after buying an additional 295 shares in the last quarter. Covestor Ltd lifted its stake in Snowflake by 25.0% in the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Snowflake by 21.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 12,634 shares of the company’s stock worth $2,042,000 after purchasing an additional 2,191 shares in the last quarter. UniSuper Management Pty Ltd boosted its holdings in shares of Snowflake by 100.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 4,000 shares of the company’s stock worth $646,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its position in shares of Snowflake by 372.1% in the first quarter. Canada Pension Plan Investment Board now owns 226,153 shares of the company’s stock valued at $36,546,000 after purchasing an additional 178,253 shares in 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.