Snowflake (NYSE:SNOW) Stock Bumped Up to Strong-Buy by Phillip Securities

Phillip Securities upgraded shares of Snowflake (NYSE:SNOW) to a strong-buy rating in a research note released on Sunday,Zacks reports.

SNOW has been the subject of several other research reports. Loop Capital increased their target price on shares of Snowflake from $290.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Citizens Jmp upped their price objective on shares of Snowflake from $408.00 to $488.00 and gave the stock a “market outperform” rating in a research report on Thursday, September 3rd. Evercore reaffirmed an “outperform” rating and issued a $430.00 target price on shares of Snowflake in a report on Thursday, September 3rd. Mizuho set a $425.00 target price on Snowflake in a research note on Thursday, September 3rd. Finally, TD Cowen increased their price target on shares of Snowflake from $370.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $414.24.

Snowflake Price Performance

SNOW stock opened at $328.33 on Friday. The business has a 50 day moving average price of $319.52 and a 200 day moving average price of $238.69. The stock has a market cap of $115.83 billion, a price-to-earnings ratio of -103.25 and a beta of 1.33. Snowflake has a fifty-two week low of $118.30 and a fifty-two week high of $384.56. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, September 2nd. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.17. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%.The business’s revenue was up 35.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.35 earnings per share. Equities research analysts anticipate that Snowflake will post -1.46 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 25,000 shares of Snowflake stock in a transaction on Friday, August 7th. The shares were sold at an average price of $325.00, for a total transaction of $8,125,000.00. Following the transaction, the executive vice president owned 340,379 shares in the company, valued at approximately $110,623,175. The trade was a 6.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $324.06, for a total value of $16,312,532.28. Following the completion of the sale, the director owned 26,036 shares of the company’s stock, valued at approximately $8,437,226.16. This represents a 65.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,234,616 shares of company stock valued at $387,557,612. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SNOW. QRG Capital Management Inc. increased its position in shares of Snowflake by 67.9% during the second quarter. QRG Capital Management Inc. now owns 82,137 shares of the company’s stock worth $20,904,000 after acquiring an additional 33,218 shares during the last quarter. Silicon Valley Capital Partners raised its holdings in Snowflake by 15.2% during the second quarter. Silicon Valley Capital Partners now owns 62,087 shares of the company’s stock worth $15,801,000 after purchasing an additional 8,208 shares in the last quarter. Wellington Altus USA Inc. bought a new position in Snowflake during the second quarter valued at about $102,000. Anchor Investment Management LLC acquired a new position in shares of Snowflake in the 2nd quarter worth $76,000. Finally, Sequoia Financial Advisors LLC increased its stake in Snowflake by 14.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 39,598 shares of the company’s stock worth $10,078,000 after purchasing an additional 4,927 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

More Snowflake News

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Phillip Securities upgraded Snowflake to “strong buy”, adding to recent optimism about the company’s AI Data Cloud growth prospects. Snowflake Stock Moved Up to Strong-Buy by Phillip Securities
• Positive Sentiment: Snowflake priced an upsized $3.75 billion private placement of 0.00% convertible senior notes: $2.0 billion due in 2029 and $1.75 billion due in 2031. The zero-coupon structure avoids cash interest expense and gives the company additional capital for strategic initiatives, including potential investments or acquisitions in the competitive AI-data market. Snowflake Prices Upsized Private Placement of $3.75 Billion of 0.00% Convertible Senior Notes
• Neutral Sentiment: Snowflake shares also moved lower alongside Salesforce, ServiceNow and other software stocks after Meta hired MongoDB’s CEO to lead its enterprise platform, raising concerns about intensifying competition in enterprise technology. Why Salesforce, ServiceNow and Snowflake All Dropped
• Negative Sentiment: The debt raise initially pressured the stock because conversion of the notes could increase Snowflake’s share count and dilute existing investors. Although the notes carry no interest and Snowflake announced transactions designed to reduce potential dilution, investors remain focused on the size of the financing and the company’s ongoing negative earnings and net margin. Why Snowflake Stock Is Falling

About Snowflake

Snowflake Inc (NYSE: SNOW) provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake’s services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.