DA Davidson Reaffirms Buy Rating for Snowflake (NYSE:SNOW)

DA Davidson reiterated their buy rating on shares of Snowflake (NYSE:SNOW) in a research note published on Thursday morning, Benzinga reports. They currently have a $175.00 price objective on the stock.

Several other brokerages also recently weighed in on SNOW. Rosenblatt Securities reaffirmed a buy rating and issued a $180.00 target price on shares of Snowflake in a research report on Wednesday. TD Cowen lowered their price objective on shares of Snowflake from $230.00 to $180.00 and set a buy rating for the company in a research report on Monday, August 19th. Scotiabank reduced their target price on shares of Snowflake from $195.00 to $165.00 and set a sector outperform rating on the stock in a research report on Thursday, August 22nd. Royal Bank of Canada decreased their target price on shares of Snowflake from $226.00 to $183.00 and set an outperform rating for the company in a research note on Wednesday, June 5th. Finally, The Goldman Sachs Group reaffirmed a buy rating and set a $220.00 price target on shares of Snowflake in a research note on Monday, July 1st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $174.74.

Snowflake Stock Performance

NYSE SNOW opened at $114.72 on Thursday. The firm has a market capitalization of $38.41 billion, a price-to-earnings ratio of -40.97 and a beta of 0.83. Snowflake has a one year low of $107.13 and a one year high of $237.72. The company’s 50 day moving average price is $117.12 and its 200 day moving average price is $135.94.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the previous year, the business posted ($0.52) EPS. The business’s quarterly revenue was up 28.9% on a year-over-year basis. Sell-side analysts forecast that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the transaction, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the sale, the insider now owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the transaction, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,538 shares of company stock worth $3,449,994. 7.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently bought and sold shares of the business. Accent Capital Management LLC acquired a new stake in shares of Snowflake in the fourth quarter worth about $25,000. LRI Investments LLC bought a new stake in Snowflake during the first quarter worth approximately $29,000. Riverview Trust Co acquired a new position in Snowflake during the first quarter valued at approximately $31,000. Future Financial Wealth Managment LLC acquired a new position in Snowflake during the first quarter valued at approximately $32,000. Finally, Wellington Shields Capital Management LLC bought a new position in shares of Snowflake in the second quarter valued at approximately $27,000. 65.10% of the stock is currently owned by institutional investors.

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.