Snowflake’s (SNOW) Overweight Rating Reiterated at Wells Fargo & Company

Snowflake (NYSE:SNOW)‘s stock had its “overweight” rating restated by analysts at Wells Fargo & Company in a report released on Thursday, Marketbeat.com reports. They presently have a $225.00 price target on the stock, up from their prior price target of $200.00. Wells Fargo & Company‘s price target indicates a potential upside of 12.51% from the company’s previous close.

Several other research firms have also recently commented on SNOW. Morgan Stanley raised their target price on shares of Snowflake from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Thursday. Wolfe Research upgraded shares of Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price target on the stock in a research note on Tuesday, February 18th. Citigroup boosted their price target on shares of Snowflake from $230.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, April 1st. KeyCorp dropped their price target on shares of Snowflake from $220.00 to $192.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $205.00 price target on shares of Snowflake in a research note on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $217.33.

Snowflake Price Performance

Shares of NYSE SNOW opened at $199.99 on Thursday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a twelve month low of $107.13 and a twelve month high of $205.40. The stock has a 50 day moving average of $159.20 and a two-hundred day moving average of $163.56. The stock has a market cap of $66.02 billion, a P/E ratio of -58.99 and a beta of 1.11.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the business earned $0.14 earnings per share. The company’s quarterly revenue was up 25.8% compared to the same quarter last year. On average, research analysts forecast that Snowflake will post -2.36 earnings per share for the current year.

Insider Activity

In other news, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the completion of the sale, the executive vice president now owns 594,975 shares in the company, valued at $102,186,956.25. This represents a 2.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 356,963 shares of company stock worth $58,204,058 over the last ninety days. 7.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Hedge funds have recently bought and sold shares of the company. Prospect Financial Services LLC acquired a new stake in Snowflake during the fourth quarter worth approximately $288,000. Sumitomo Mitsui Trust Group Inc. boosted its position in Snowflake by 1.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company’s stock worth $104,028,000 after acquiring an additional 8,857 shares during the last quarter. Stephens Consulting LLC boosted its position in Snowflake by 7,407.4% during the fourth quarter. Stephens Consulting LLC now owns 2,027 shares of the company’s stock worth $313,000 after acquiring an additional 2,000 shares during the last quarter. Kirtland Hills Capital Management LLC boosted its position in Snowflake by 40.1% during the fourth quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company’s stock worth $2,458,000 after acquiring an additional 4,559 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Snowflake by 455.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company’s stock worth $19,174,000 after acquiring an additional 101,806 shares during the last quarter. 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.