Snowflake Inc. (NYSE:SNOW) Receives Average Recommendation of "Moderate Buy" from Brokerages

Snowflake Inc. (NYSE:SNOW - Get Free Report) has been given an average rating of "Moderate Buy" by the thirty-eight ratings firms that are covering the company, MarketBeat reports. One 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 company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $174.74.

Several research analysts recently commented on the company. Loop Capital reduced their price objective on Snowflake from $225.00 to $185.00 and set a "buy" rating for the company in a research note on Wednesday, August 21st. HSBC raised shares of Snowflake from a "reduce" rating to a "hold" rating and upped their price objective for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. UBS Group dropped their price target on Snowflake from $155.00 to $125.00 and set a "neutral" rating for the company in a research report on Tuesday, September 24th. Scotiabank reduced their price objective on Snowflake from $195.00 to $165.00 and set a "sector outperform" rating on the stock in a research report on Thursday, August 22nd. Finally, Barclays dropped their target price on Snowflake from $191.00 to $146.00 and set an "equal weight" rating for the company in a report on Monday, August 19th.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total value of $1,800,000.00. Following the transaction, the executive vice president now owns 718,773 shares in the company, valued at approximately $86,252,760. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Frank Slootman sold 1,606 shares of the business's stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares of the company's stock, valued at approximately $23,998,330.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the company's stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the sale, the executive vice president now directly owns 718,773 shares of the company's stock, valued at approximately $86,252,760. This trade represents a 0.00 % 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 $7,049,994 over the last quarter. 7.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Snowflake

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNOW. Vanguard Group Inc. boosted its stake in shares of Snowflake by 1.4% during the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company's stock worth $3,439,842,000 after buying an additional 297,428 shares during the period. Jennison Associates LLC lifted its position in Snowflake by 3.7% during the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company's stock worth $1,132,568,000 after acquiring an additional 249,249 shares during the period. Legal & General Group Plc lifted its position in Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company's stock worth $293,838,000 after acquiring an additional 223,936 shares during the period. Swedbank AB purchased a new position in shares of Snowflake in the 1st quarter valued at approximately $258,957,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Snowflake by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company's stock valued at $216,142,000 after purchasing an additional 8,743 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Price Performance

NYSE SNOW traded up $1.12 on Friday, hitting $116.04. The company had a trading volume of 2,718,781 shares, compared to its average volume of 6,568,331. The company's fifty day moving average price is $115.59 and its 200-day moving average price is $132.00. The company has a market capitalization of $38.85 billion, a PE ratio of -41.44 and a beta of 0.83. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. During the same quarter in the prior year, the firm earned ($0.52) EPS. The company's revenue for the quarter was up 28.9% on a year-over-year basis. On average, sell-side analysts anticipate that Snowflake will post -2.41 EPS for the current year.

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.