Snowflake (NYSE:SNOW) Coverage Initiated at Stephens

Stephens began coverage on shares of Snowflake (NYSE:SNOW) in a research report released on Friday morning, Marketbeat.com reports. The brokerage issued an overweight rating and a $261.00 target price on the stock.

Several other equities analysts have also recently issued reports on the company. Cowen reissued a “buy” rating on shares of Snowflake in a research note on Thursday, May 22nd. Scotiabank reiterated an “outperform” rating on shares of Snowflake in a research report on Thursday, May 22nd. KeyCorp restated an “overweight” rating on shares of Snowflake in a report on Wednesday, June 25th. Piper Sandler restated an “overweight” rating and set a $215.00 price objective (up previously from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Finally, Mizuho boosted their price objective on Snowflake from $215.00 to $235.00 and gave the company an “outperform” rating in a report on Wednesday, June 4th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $226.73.

Snowflake Trading Up 2.4%

NYSE:SNOW opened at $216.74 on Friday. The company has a market cap of $72.36 billion, a P/E ratio of -51.48 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake has a twelve month low of $107.13 and a twelve month high of $226.60. The business has a 50 day moving average price of $207.75 and a two-hundred day moving average price of $178.89.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the prior year, the business posted $0.14 earnings per share. The firm’s revenue was up 25.8% on a year-over-year basis. As a group, analysts expect that Snowflake will post -2.36 EPS for the current fiscal 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 completion of the sale, the chief financial officer directly owned 292,610 shares in the company, valued at $60,090,389.60. This represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 424,852 shares of the company’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director directly owned 165,507 shares of the company’s stock, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,718,258 shares of company stock worth $589,762,906 in the last ninety days. Insiders own 6.80% of the company’s stock.

Institutional Trading of Snowflake

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Snowflake by 1.2% in the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company’s stock valued at $3,974,705,000 after buying an additional 316,573 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in Snowflake in the 2nd quarter worth $3,900,134,000. Norges Bank acquired a new stake in Snowflake in the fourth quarter valued at $988,950,000. FMR LLC lifted its stake in shares of Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after buying an additional 2,805,425 shares during the last quarter. Finally, GQG Partners LLC acquired a new stake in Snowflake in the 4th quarter worth about $750,572,000. 65.10% of the stock is currently owned by institutional investors.

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.