Snowflake Inc. (NYSE:SNOW) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Snowflake Inc. (NYSE:SNOW) has received a consensus rating of “Moderate Buy” from the forty-two ratings firms that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-three have assigned a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $225.36.

SNOW has been the topic of several analyst reports. Monness Crespi & Hardt boosted their price target on shares of Snowflake from $230.00 to $245.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. Bank of America boosted their price target on shares of Snowflake from $172.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, May 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $215.00 target price (up from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Scotiabank reaffirmed an “outperform” rating on shares of Snowflake in a report on Thursday, May 22nd. Finally, Barclays reaffirmed an “overweight” rating and issued a $219.00 target price (up from $203.00) on shares of Snowflake in a report on Thursday, May 22nd.

Insider Transactions at Snowflake

In other news, Director Mark Garrett sold 67,000 shares of Snowflake stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $198.98, for a total transaction of $13,331,660.00. Following the transaction, the director owned 7,428 shares in the company, valued at approximately $1,478,023.44. The trade was a 90.02% 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. Also, CFO Michael Scarpelli sold 400,000 shares of Snowflake 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 transaction, the chief financial officer owned 292,610 shares in the company, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,718,258 shares of company stock worth $589,762,906. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently bought and sold shares of the company. Signal Advisors Wealth LLC bought a new position in Snowflake during the second quarter worth $1,758,000. Lake Hills Wealth Management LLC bought a new stake in Snowflake in the second quarter valued at $540,000. Sunpointe LLC bought a new stake in Snowflake in the second quarter valued at $235,000. Pallas Capital Advisors LLC increased its stake in Snowflake by 0.3% in the second quarter. Pallas Capital Advisors LLC now owns 24,444 shares of the company’s stock valued at $5,470,000 after purchasing an additional 73 shares in the last quarter. Finally, Mirador Capital Partners LP increased its stake in Snowflake by 8.1% in the second quarter. Mirador Capital Partners LP now owns 28,474 shares of the company’s stock valued at $6,372,000 after purchasing an additional 2,126 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

Shares of NYSE SNOW opened at $221.61 on Thursday. The firm has a market cap of $73.99 billion, a PE ratio of -52.64 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake has a 1-year low of $107.13 and a 1-year high of $226.60. The company has a fifty day moving average price of $201.70 and a 200 day moving average price of $176.33.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 EPS. Research analysts predict that Snowflake will post -2.36 earnings per share for the current fiscal 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.