Rosenblatt Securities Reiterates Buy Rating for Snowflake (NYSE:SNOW)

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reissued by equities research analysts at Rosenblatt Securities in a report released on Wednesday, Benzinga reports. They presently have a $180.00 price target on the stock. Rosenblatt Securities’ price target points to a potential upside of 61.87% from the stock’s previous close.

A number of other equities analysts have also recently commented on the company. JMP Securities lowered their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and raised their price objective for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. TD Cowen reduced their target price on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, August 19th. Loop Capital dropped their price target on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, August 21st. Finally, Argus started coverage on Snowflake in a research report on Tuesday. They set a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.74.

Snowflake Price Performance

Shares of SNOW stock traded up $0.97 during trading on Wednesday, hitting $111.20. 805,312 shares of the stock traded hands, compared to its average volume of 6,725,363. The firm has a market capitalization of $37.23 billion, a P/E ratio of -39.71 and a beta of 0.83. Snowflake has a 52-week low of $107.13 and a 52-week high of $237.72. The firm’s fifty day moving average price is $118.10 and its 200-day moving average price is $136.75.

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

Insiders Place Their Bets

In other news, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the sale, 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 can be accessed through this hyperlink. In related news, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 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 value of $2,144,700.00. Following the transaction, the executive vice president now directly owns 733,773 shares in the company, valued at approximately $104,914,863.54. The disclosure for this sale can be found here. Insiders have sold 45,386 shares of company stock worth $5,715,941 in the last quarter. 7.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Large investors have recently made changes to their positions in the company. Swedbank AB bought a new position in shares of Snowflake in the first quarter worth $258,957,000. Vanguard Group Inc. raised its position in shares of Snowflake by 8.0% during the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after buying an additional 1,559,830 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Snowflake in the 1st quarter worth approximately $171,608,000. AQR Capital Management LLC boosted its holdings in shares of Snowflake by 210.0% in the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after acquiring an additional 660,168 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of Snowflake by 90.3% during the second quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock valued at $170,938,000 after acquiring an additional 600,469 shares during the period. Institutional investors and hedge funds 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.