Snowflake Inc. (NYSE:SNOW) Given Average Rating of “Moderate Buy” by Brokerages

Snowflake Inc. (NYSE:SNOW) has been given a consensus rating of “Moderate Buy” by the forty-four ratings firms that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation, thirty-six have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $256.7105.

A number of brokerages recently weighed in on SNOW. CICC Research began coverage on shares of Snowflake in a research note on Friday, June 20th. They issued an “outperform” rating and a $225.00 price target on the stock. The Goldman Sachs Group raised their price target on shares of Snowflake from $230.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Piper Sandler raised their price target on shares of Snowflake from $215.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Evercore ISI increased their price objective on shares of Snowflake from $240.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Finally, Raymond James Financial increased their price objective on shares of Snowflake from $212.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, August 28th.

Snowflake Trading Up 0.3%

Shares of Snowflake stock opened at $240.68 on Friday. The firm has a market capitalization of $81.54 billion, a PE ratio of -58.00 and a beta of 1.21. Snowflake has a twelve month low of $113.23 and a twelve month high of $255.39. The firm’s 50-day moving average price is $222.38 and its 200 day moving average price is $201.63. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period last year, the company posted $0.18 EPS. On average, sell-side analysts predict that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, CAO Emily Ho sold 1,658 shares of the stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total value of $373,464.50. Following the completion of the sale, the chief accounting officer owned 31,745 shares in the company, valued at approximately $7,150,561.25. This represents a 4.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 7,551 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the completion of the sale, the director owned 153,226 shares of the company’s stock, valued at approximately $33,899,720.24. The trade was a 4.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,182,434 shares of company stock worth $270,280,661 in the last 90 days. Corporate insiders own 6.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds have recently bought and sold shares of SNOW. Goldman Sachs Group Inc. increased its holdings in shares of Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock worth $524,293,000 after buying an additional 650,775 shares during the last quarter. CenterBook Partners LP acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $2,381,000. Berkshire Capital Holdings Inc. increased its holdings in shares of Snowflake by 71,500.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock worth $1,047,000 after buying an additional 7,150 shares during the last quarter. Lyell Wealth Management LP increased its holdings in shares of Snowflake by 5.1% during the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company’s stock worth $8,870,000 after buying an additional 2,955 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $898,000. Institutional investors and hedge funds 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.