Snowflake’s (SNOW) Overweight Rating Reaffirmed at Piper Sandler

Snowflake (NYSE:SNOW)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a research note issued to investors on Thursday,Benzinga reports. They currently have a $185.00 price objective on the stock, up from their previous price objective of $165.00. Piper Sandler’s price objective points to a potential upside of 10.46% from the stock’s previous close.

SNOW has been the subject of a number of other reports. KeyCorp boosted their price objective on shares of Snowflake from $150.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday. Needham & Company LLC raised their target price on Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a report on Thursday. Rosenblatt Securities reiterated a “buy” rating and set a $180.00 price target on shares of Snowflake in a report on Tuesday. Stifel Nicolaus lowered their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Finally, Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $167.48 on Thursday. The stock has a market capitalization of $56.14 billion, a P/E ratio of -54.73 and a beta of 0.83. The business has a 50-day moving average of $120.06 and a two-hundred day moving average of $128.22. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping 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 firm had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. During the same period in the previous year, the company earned ($0.52) EPS. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. As a group, research analysts expect that Snowflake will post -2.41 EPS for the current fiscal year.

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 6,251 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $715,051.89. Following the completion of the transaction, the director now owns 208,735 shares in the company, valued at $23,877,196.65. The trade was a 2.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the transaction, the executive vice president now owns 706,755 shares in the company, valued at $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock valued at $7,061,544 over the last ninety days. 7.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Snowflake

Institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp increased its position in Snowflake by 0.8% in the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after purchasing an additional 54,909 shares during the period. Geode Capital Management LLC grew its position in shares of Snowflake by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after buying an additional 138,663 shares during the period. Two Sigma Advisers LP raised its stake in shares of Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after buying an additional 881,700 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its holdings 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 buying an additional 2,559,144 shares during the period. Finally, Legal & General Group Plc boosted its stake in Snowflake by 11.5% in the second 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 last quarter. 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.