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

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

Other equities research analysts also recently issued research reports about the company. Bank of America lowered their price objective on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Piper Sandler reiterated an “overweight” rating and issued a $165.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. KeyCorp lowered their price target on Snowflake from $168.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. JMP Securities lowered their price target on Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company lowered their price target on Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $171.59.

Snowflake Stock Performance

Shares of SNOW stock opened at $130.26 on Tuesday. Snowflake has a 52-week low of $107.13 and a 52-week high of $237.72. The company has a market capitalization of $43.66 billion, a PE ratio of -42.57 and a beta of 0.83. The business’s fifty day moving average is $117.48 and its 200 day moving average is $127.89.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) 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 company had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same quarter last year, the business posted ($0.52) earnings per share. The firm’s revenue was up 28.9% compared to the same quarter last year. On average, sell-side analysts forecast that Snowflake will post -2.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the transaction, the insider now directly owns 53,250 shares in the company, valued at approximately $5,932,582.50. This trade represents a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 558 shares of Snowflake 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 $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at $83,511,651.08. The trade was a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock worth $7,061,544 over the last three months. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several large investors have recently made changes to their positions in SNOW. Ontario Teachers Pension Plan Board raised its holdings in Snowflake by 19,399.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after acquiring an additional 2,559,144 shares during the last quarter. Swedbank AB purchased a new position in Snowflake in the 1st quarter worth approximately $258,957,000. Two Sigma Advisers LP raised its holdings in Snowflake by 27.9% in the 3rd 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 last quarter. AQR Capital Management LLC raised its holdings in Snowflake by 210.0% in the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after acquiring an additional 660,168 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in Snowflake by 471.9% in the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after acquiring an additional 628,511 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other 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.