Snowflake (NYSE:SNOW) Upgraded to “Hold” at Wedbush

Wedbush upgraded shares of Snowflake (NYSE:SNOW) to a hold rating in a research note published on Thursday, Zacks.com reports.

A number of other equities research analysts also recently weighed in on SNOW. HSBC upgraded shares of Snowflake from a “reduce” rating to a “hold” rating and lifted their price target for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. Needham & Company LLC lowered their target price 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. TD Cowen cut their price target on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Piper Sandler reiterated an “overweight” rating and issued a $165.00 price objective on shares of Snowflake in a research note on Thursday, August 22nd. Finally, Jefferies Financial Group cut their target price on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $174.74.

Snowflake Price Performance

Shares of Snowflake stock opened at $119.54 on Thursday. The company has a market cap of $40.02 billion, a PE ratio of -42.69 and a beta of 0.83. The firm has a fifty day moving average price of $116.65 and a two-hundred day moving average price of $133.01. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOW) last released its 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. 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 for the quarter, compared to the consensus estimate of $851.72 million. During the same period last year, the business earned ($0.52) earnings per share. The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. Analysts expect that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on 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 owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now directly owns 718,773 shares in the company, valued at approximately $86,252,760. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the transaction, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,538 shares of company stock worth $7,049,994. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

A number of large investors have recently bought and sold shares of SNOW. LRI Investments LLC increased its position in shares of Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after acquiring an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC bought a new position in Snowflake during the 2nd quarter worth about $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Snowflake in the 3rd quarter valued at about $30,000. Riverview Trust Co bought a new stake in shares of Snowflake in the first quarter valued at about $31,000. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Snowflake during the first quarter worth about $32,000. 65.10% of the stock is owned by institutional investors.

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.