Snowflake (NYSE:SNOW) Receives New Coverage from Analysts at Argus

Argus assumed coverage on shares of Snowflake (NYSE:SNOW) in a report released on Tuesday, MarketBeat reports. The firm issued a hold rating on the stock.

Several other equities research analysts have also recently commented on the company. Bank of America dropped 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. Robert W. Baird reduced their price target on shares of Snowflake from $200.00 to $165.00 and set an outperform rating for the company in a research note on Tuesday, August 20th. Citigroup lowered their price objective on shares of Snowflake from $236.00 to $200.00 and set a buy rating on the stock in a research report on Tuesday, August 20th. Scotiabank decreased their target price on shares of Snowflake from $195.00 to $165.00 and set a sector outperform rating for the company in a research note on Thursday, August 22nd. Finally, HSBC raised Snowflake from a reduce rating to a hold rating and lifted their price objective for the stock from $119.00 to $121.00 in a report on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $175.17.

Snowflake Trading Down 4.0 %

NYSE SNOW opened at $110.23 on Tuesday. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The stock’s fifty day moving average price is $118.10 and its 200-day moving average price is $136.75. The stock has a market cap of $36.95 billion, a P/E ratio of -39.37 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.52) earnings per share. As a group, analysts forecast that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Teresa Briggs sold 848 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares of the company’s stock, valued at $607,236.06. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now owns 4,247 shares in the company, valued at $607,236.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. The disclosure for this sale can be found here. Insiders sold a total of 45,386 shares of company stock worth $5,715,941 over the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several institutional investors have recently modified their holdings of the stock. Park Avenue Securities LLC raised its holdings in Snowflake by 0.5% during the 1st quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock valued at $2,179,000 after buying an additional 70 shares during the period. Covestor Ltd lifted its holdings in shares of Snowflake by 25.0% in the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after acquiring an additional 70 shares during the last quarter. IAM Advisory LLC boosted its stake in shares of Snowflake by 2.0% during the 1st quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock worth $600,000 after purchasing an additional 74 shares during the period. Joseph P. Lucia & Associates LLC grew its holdings in Snowflake by 2.6% during the 1st quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock valued at $478,000 after purchasing an additional 75 shares during the last quarter. Finally, Peterson Wealth Management raised its position in Snowflake by 1.5% in the 4th quarter. Peterson Wealth Management now owns 5,576 shares of the company’s stock worth $1,110,000 after purchasing an additional 81 shares during the period. 65.10% of the stock is owned by 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.