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

Snowflake (NYSE:SNOW) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

A number of other equities research analysts have also recently commented on SNOW. Evercore ISI cut their price target on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Loop Capital reduced their price objective on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, August 21st. Needham & Company LLC cut their target price on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. TD Cowen decreased their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Finally, Jefferies Financial Group decreased their price objective on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $171.59.

Snowflake Trading Down 0.9 %

SNOW traded down $1.12 during trading on Wednesday, reaching $129.12. The stock had a trading volume of 10,962,865 shares, compared to its average volume of 6,496,076. The stock’s 50 day moving average is $117.82 and its two-hundred day moving average is $127.89. Snowflake has a one year low of $107.13 and a one year high of $237.72. The company has a market capitalization of $43.28 billion, a price-to-earnings ratio of -42.20 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating 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 business had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. During the same quarter in the previous year, the business earned ($0.52) earnings per share. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. On average, equities research analysts predict that Snowflake will post -2.41 earnings per share for the current year.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of Snowflake stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the transaction, the executive vice president now owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. The trade was a 3.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 1,606 shares of the 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 sale, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock valued at $7,061,544 in the last ninety days. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Covestor Ltd increased its holdings in Snowflake by 25.0% in the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after acquiring an additional 70 shares in the last quarter. Modus Advisors LLC grew its stake in Snowflake by 3.9% during the 3rd quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock valued at $286,000 after acquiring an additional 94 shares in the last quarter. Catalyst Private Wealth LLC lifted its stake in Snowflake by 3.2% in the 3rd quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after purchasing an additional 104 shares in the last quarter. Iron Gate Global Advisors LLC grew its position in shares of Snowflake by 0.9% in the first quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,878,000 after purchasing an additional 105 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Snowflake by 30.3% during the first quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock worth $72,000 after buying an additional 108 shares in the last quarter. 65.10% of the stock is 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.