Snowflake (NYSE:SNOW) Posts Quarterly Earnings Results, Misses Estimates By $1.07 EPS

Snowflake (NYSE:SNOW) released its earnings results on Wednesday. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.07), Zacks reports. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%.

Snowflake Price Performance

Snowflake stock traded up $2.00 during mid-day trading on Wednesday, hitting $166.20. 10,571,445 shares of the company were exchanged, compared to its average volume of 5,334,504. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $54.86 billion, a PE ratio of -49.03 and a beta of 1.07. The business has a fifty day moving average of $172.71 and a 200 day moving average of $144.79. Snowflake has a 1-year low of $107.13 and a 1-year high of $235.66.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total value of $2,797,500.00. Following the transaction, the executive vice president now owns 552,930 shares of the company’s stock, valued at approximately $103,121,445. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 127,247 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $176.25, for a total transaction of $22,427,283.75. Following the completion of the transaction, the director now owns 195,281 shares of the company’s stock, valued at $34,418,276.25. The trade was a 39.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 371,810 shares of company stock worth $63,340,544 over the last 90 days. 7.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SNOW shares. BTIG Research upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 price objective on the stock in a report on Thursday, February 20th. KeyCorp lifted their target price on shares of Snowflake from $185.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Wells Fargo & Company raised their price objective on shares of Snowflake from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. JMP Securities reaffirmed a “market outperform” rating and set a $190.00 price target on shares of Snowflake in a research note on Tuesday, December 3rd. Finally, UBS Group boosted their target price on Snowflake from $155.00 to $190.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $196.19.

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.