Snowflake’s (SNOW) Market Outperform Rating Reiterated at JMP Securities

Snowflake (NYSE:SNOW)‘s stock had its “market outperform” rating reissued by analysts at JMP Securities in a research report issued on Wednesday,Benzinga reports. They presently have a $245.00 target price on the stock. JMP Securities’ price target points to a potential upside of 16.12% from the company’s current price.

SNOW has been the topic of several other reports. Evercore ISI reiterated an “outperform” rating and set a $232.00 price target (up from $200.00) on shares of Snowflake in a research report on Thursday, May 22nd. Cantor Fitzgerald upped their price objective on Snowflake from $183.00 to $242.00 and gave the stock an “overweight” rating in a research report on Thursday, May 22nd. Barclays reaffirmed an “overweight” rating and set a $219.00 target price (up previously from $203.00) on shares of Snowflake in a research report on Thursday, May 22nd. Morgan Stanley reissued an “equal weight” rating on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Daiwa Capital Markets started coverage on shares of Snowflake in a research note on Tuesday, April 1st. They issued a “buy” rating and a $210.00 price target for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $218.86.

Snowflake Stock Up 0.9%

SNOW stock traded up $1.85 during trading on Wednesday, hitting $211.00. 1,428,695 shares of the stock traded hands, compared to its average volume of 5,551,036. The firm’s 50 day moving average is $165.69 and its two-hundred day moving average is $167.74. Snowflake has a 1 year low of $107.13 and a 1 year high of $214.83. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The stock has a market cap of $70.44 billion, a price-to-earnings ratio of -62.16 and a beta of 1.21.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the firm posted $0.14 EPS. The firm’s revenue was up 25.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Snowflake will post -2.36 EPS for the current year.

Insider Buying and Selling

In other news, CFO Michael Scarpelli sold 400,000 shares of the company’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the sale, the chief financial officer now owns 292,610 shares of the company’s stock, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Emily Ho sold 5,027 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $199.06, for a total value of $1,000,674.62. Following the completion of the sale, the chief accounting officer now directly owns 40,608 shares in the company, valued at $8,083,428.48. This trade represents a 11.02% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 834,779 shares of company stock worth $156,261,943. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several hedge funds have recently added to or reduced their stakes in the company. Inspire Investing LLC lifted its holdings in Snowflake by 23.4% during the 1st quarter. Inspire Investing LLC now owns 2,066 shares of the company’s stock worth $302,000 after buying an additional 392 shares during the period. Strs Ohio bought a new stake in Snowflake during the 1st quarter worth approximately $10,209,000. SWS Partners raised its holdings in shares of Snowflake by 2.5% in the first quarter. SWS Partners now owns 20,683 shares of the company’s stock worth $3,023,000 after buying an additional 507 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Snowflake by 29.7% during the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock worth $47,000 after purchasing an additional 73 shares during the period. Finally, IFM Investors Pty Ltd boosted its stake in Snowflake by 0.5% during the 1st quarter. IFM Investors Pty Ltd now owns 54,020 shares of the company’s stock worth $7,896,000 after purchasing an additional 274 shares during the last quarter. Institutional investors 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.