Snowflake (NYSE:SNOW) Rating Reiterated by Rosenblatt Securities

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reaffirmed by research analysts at Rosenblatt Securities in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $195.00 target price on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 52.30% from the stock’s current price.

SNOW has been the topic of a number of other reports. Bank of America decreased their target price on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday. Scotiabank reduced their price target on shares of Snowflake from $207.00 to $195.00 and set a “sector outperform” rating on the stock in a research report on Thursday, May 23rd. KeyCorp lifted their price target on shares of Snowflake from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Sanford C. Bernstein lifted their price target on shares of Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a research report on Thursday, May 23rd. Finally, Loop Capital reduced their price target on shares of Snowflake from $235.00 to $225.00 and set a “buy” rating on the stock in a research report on Thursday, May 23rd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and an average price target of $195.47.

Snowflake Price Performance

SNOW opened at $128.04 on Monday. The company’s 50 day simple moving average is $129.92 and its two-hundred day simple moving average is $156.83. Snowflake has a 1-year low of $107.93 and a 1-year high of $237.72. The firm has a market capitalization of $42.87 billion, a price-to-earnings ratio of -45.73 and a beta of 0.85.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The business had revenue of $828.71 million during the quarter, compared to analysts’ expectations of $786.95 million. On average, equities analysts anticipate that Snowflake will post -2.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now directly owns 718,773 shares in the company, valued at $86,252,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Emily Ho sold 6,500 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $158.36, for a total value of $1,029,340.00. Following the sale, the chief accounting officer now directly owns 36,076 shares in the company, valued at $5,712,995.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the executive vice president now owns 718,773 shares in the company, valued at $86,252,760. The disclosure for this sale can be found here. Over the last three months, insiders have sold 534,178 shares of company stock worth $66,520,575. 7.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently modified their holdings of SNOW. Norges Bank purchased a new position in shares of Snowflake during the fourth quarter valued at approximately $838,455,000. Swedbank AB purchased a new position in Snowflake during the first quarter worth approximately $258,957,000. Vanguard Group Inc. raised its stake in Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after purchasing an additional 1,559,830 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in Snowflake during the first quarter worth approximately $171,608,000. Finally, Trivest Advisors Ltd purchased a new position in Snowflake during the fourth quarter worth approximately $173,747,000. 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.