Snowflake’s (SNOW) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Snowflake (NYSE:SNOW) in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a $180.00 target price on the stock.

Other research analysts also recently issued reports about the stock. Wedbush raised shares of Snowflake to a “hold” rating in a research report on Thursday, October 17th. Robert W. Baird cut their target price on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Wells Fargo & Company decreased their target price on Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday, August 22nd. Monness Crespi & Hardt upgraded Snowflake from a “neutral” rating to a “buy” rating and set a $140.00 price target on the stock in a report on Wednesday, November 6th. Finally, Piper Sandler reissued an “overweight” rating and issued a $165.00 price objective on shares of Snowflake in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Stock Performance

Shares of SNOW stock opened at $171.05 on Tuesday. The stock has a market cap of $57.34 billion, a PE ratio of -55.90 and a beta of 0.83. The business’s fifty day moving average is $118.98 and its 200-day moving average is $128.19. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72.

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

Insider Transactions at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the transaction, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at $85,354,801.35. The trade was a 2.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock valued at $7,061,544 over the last three months. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp grew its stake in Snowflake by 0.8% in the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after purchasing an additional 54,909 shares during the period. Geode Capital Management LLC grew its position in Snowflake by 3.5% during the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after buying an additional 138,663 shares during the period. Two Sigma Advisers LP raised its position in Snowflake by 27.9% in the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after acquiring an additional 881,700 shares during the period. Ontario Teachers Pension Plan Board boosted its stake in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after acquiring an additional 2,559,144 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after acquiring an additional 223,936 shares during the period. Hedge funds and other 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.