Snowflake (NYSE:SNOW) Receives Buy Rating from DA Davidson

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating restated by stock analysts at DA Davidson in a research note issued on Thursday, Benzinga reports. They presently have a $175.00 target price on the stock. DA Davidson’s price objective would indicate a potential upside of 58.37% from the company’s previous close.

A number of other analysts also recently weighed in on the company. Needham & Company LLC decreased their price target on Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Evercore ISI decreased their price target on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Loop Capital decreased their price target on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, August 21st. Hsbc Global Res upgraded Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. Finally, Wedbush decreased their target price on Snowflake from $210.00 to $140.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $174.74.

Snowflake Stock Up 0.8 %

SNOW traded up $0.85 during trading on Thursday, hitting $110.50. 2,091,025 shares of the stock were exchanged, compared to its average volume of 6,725,138. The firm has a market capitalization of $37.00 billion, a P/E ratio of -39.46 and a beta of 0.83. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The stock has a fifty day moving average price of $117.78 and a two-hundred day moving average price of $136.56.

Snowflake (NYSE:SNOW) last announced 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 return on equity of 19.62% and a negative net margin of 31.73%. The company had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same period last year, the business posted ($0.52) EPS. The company’s revenue was up 28.9% on a year-over-year basis. Analysts predict that Snowflake will post -2.41 EPS for the current year.

Insider Transactions at Snowflake

In related news, insider Benoit Dageville sold 1,946 shares of the firm’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 sale, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Benoit Dageville sold 1,946 shares of the firm’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 sale, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $2,144,700.00. Following the completion of the sale, the executive vice president now owns 733,773 shares in the company, valued at $104,914,863.54. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,386 shares of company stock worth $5,715,941. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Comerica Bank lifted its holdings in shares of Snowflake by 17.2% in the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after purchasing an additional 4,296 shares in the last quarter. Choreo LLC grew its position in shares of Snowflake by 18.6% in the first quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after purchasing an additional 1,294 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after purchasing an additional 43,062 shares during the last quarter. Ridgewood Investments LLC acquired a new stake in shares of Snowflake in the first quarter valued at about $244,000. Finally, Cetera Investment Advisers grew its position in Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after buying an additional 42,563 shares in the last quarter. 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.