Wedbush Reaffirms Neutral Rating for Snowflake (NYSE:SNOW)

Wedbush reissued their neutral rating on shares of Snowflake (NYSE:SNOW) in a research note published on Wednesday, Benzinga reports. The firm currently has a $210.00 price target on the stock.

SNOW has been the subject of several other research reports. Redburn Atlantic reissued a sell rating and set a $125.00 price target (down previously from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. JPMorgan Chase & Co. cut their price target on Snowflake from $200.00 to $170.00 and set an overweight rating for the company in a report on Thursday, February 29th. UBS Group boosted their price target on Snowflake from $185.00 to $225.00 and gave the company a neutral rating in a report on Thursday, February 22nd. Guggenheim raised Snowflake from a sell rating to a neutral rating in a report on Friday, March 15th. Finally, Monness Crespi & Hardt raised Snowflake from a sell rating to a neutral rating in a report on Monday, March 18th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, Snowflake currently has a consensus rating of Moderate Buy and an average target price of $200.64.

Snowflake Stock Performance

Snowflake stock opened at $156.17 on Wednesday. The stock has a market cap of $52.19 billion, a PE ratio of -55.77 and a beta of 0.90. Snowflake has a one year low of $138.40 and a one year high of $237.72. The stock has a fifty day moving average of $157.03 and a 200 day moving average of $180.17.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 15.54% and a negative net margin of 30.80%. The company had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. As a group, sell-side analysts predict that Snowflake will post -1.83 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, EVP Grzegorz Czajkowski sold 683 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $110,249.86. Following the sale, the executive vice president now directly owns 86,208 shares in the company, valued at $13,915,695.36. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Christian Kleinerman sold 1,500 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total value of $241,725.00. Following the sale, the executive vice president now directly owns 772,597 shares in the company, valued at $124,504,006.55. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Grzegorz Czajkowski sold 683 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $110,249.86. Following the completion of the transaction, the executive vice president now directly owns 86,208 shares in the company, valued at approximately $13,915,695.36. The disclosure for this sale can be found here. Insiders have sold a total of 62,380 shares of company stock worth $9,803,625 over the last ninety days. Company insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Accent Capital Management LLC bought a new position in Snowflake in the fourth quarter worth approximately $25,000. LRI Investments LLC bought a new stake in Snowflake during the 1st quarter valued at $29,000. Provence Wealth Management Group bought a new stake in Snowflake during the 3rd quarter valued at $30,000. Global Wealth Management Investment Advisory Inc. boosted its position in Snowflake by 89.0% during the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock valued at $31,000 after acquiring an additional 97 shares in the last quarter. Finally, Riverview Trust Co bought a new stake in Snowflake during the 1st quarter valued at $31,000. 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.