Snowflake (NYSE:SNOW) Upgraded at StockNews.com

StockNews.com upgraded shares of Snowflake (NYSE:SNOW) from a sell rating to a hold rating in a report released on Wednesday morning.

Other analysts also recently issued research reports about the stock. Barclays decreased their price objective on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Piper Sandler reaffirmed an “overweight” rating and issued a $165.00 price target on shares of Snowflake in a report on Thursday, August 22nd. TD Cowen reduced their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. Robert W. Baird lowered their target price on Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Finally, HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and increased their price target for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Stock Down 2.3 %

SNOW stock opened at $167.48 on Wednesday. The business has a 50 day moving average of $120.06 and a 200-day moving average of $128.22. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 22.01% and a negative net margin of 33.02%. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.52) EPS. As a group, analysts expect that Snowflake will post -2.41 EPS for the current year.

Insider Buying and Selling at Snowflake

In other news, insider Benoit Dageville sold 1,946 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were 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. This represents a 3.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 1,606 shares of the stock in a transaction 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. This represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,061,544 over the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. LRI Investments LLC lifted its stake in shares of Snowflake by 155.6% in the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after acquiring an additional 112 shares during the last quarter. Groupama Asset Managment purchased a new position in Snowflake in the 3rd quarter worth approximately $25,000. Wellington Shields Capital Management LLC bought a new stake in Snowflake in the second quarter valued at approximately $27,000. V Square Quantitative Management LLC purchased a new stake in shares of Snowflake during the third quarter valued at approximately $30,000. Finally, Fortitude Family Office LLC bought a new position in shares of Snowflake in the third quarter worth approximately $34,000. 65.10% of the stock is 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.