Snowflake (NYSE:SNOW) Shares Up 1.4% – What’s Next?

Snowflake Inc. (NYSE:SNOW) shares shot up 1.4% during mid-day trading on Friday . The stock traded as high as $225.97 and last traded at $224.64. 3,009,362 shares were traded during trading, a decline of 43% from the average session volume of 5,319,759 shares. The stock had previously closed at $221.60.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SNOW shares. Bank of America upgraded Snowflake from a “neutral” rating to a “buy” rating and increased their price target for the stock from $220.00 to $240.00 in a research report on Wednesday, August 20th. The Goldman Sachs Group upped their price target on shares of Snowflake from $230.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Monness Crespi & Hardt boosted their price target on shares of Snowflake from $245.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Cowen reiterated a “buy” rating on shares of Snowflake in a research note on Thursday, August 28th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a research note on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $255.53.

Snowflake Trading Up 1.4%

The business’s 50 day moving average is $214.29 and its two-hundred day moving average is $193.22. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $76.11 billion, a P/E ratio of -54.13 and a beta of 1.22.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the prior year, the business earned $0.18 earnings per share. The company’s revenue was up 31.8% on a year-over-year basis. Analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the sale, the director directly owned 165,507 shares of the company’s stock, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael L. Speiser sold 50,338 shares of the business’s stock in a transaction on Monday, July 7th. The shares were sold at an average price of $221.47, for a total transaction of $11,148,356.86. Following the sale, the director directly owned 36,956 shares in the company, valued at $8,184,645.32. This trade represents a 57.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,469,296 shares of company stock worth $553,371,035. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Trust Co. of Toledo NA OH acquired a new position in Snowflake during the 2nd quarter valued at about $25,000. Avion Wealth raised its stake in Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after purchasing an additional 49 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake in the 1st quarter worth about $26,000. CVA Family Office LLC grew its holdings in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after acquiring an additional 88 shares during the last quarter. Finally, Rossby Financial LCC lifted its position in Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 127 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.