Snowflake’s (SNOW) Buy Rating Reaffirmed at DA Davidson

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating restated by investment analysts at DA Davidson in a report released on Friday,Benzinga reports. They presently have a $300.00 price target on the stock. DA Davidson’s price objective would indicate a potential upside of 53.71% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Barclays reissued an “equal weight” rating and issued a $250.00 price target (down previously from $290.00) on shares of Snowflake in a report on Monday, January 12th. Piper Sandler restated an “overweight” rating and set a $285.00 price objective on shares of Snowflake in a report on Thursday, December 4th. Mizuho raised their price target on shares of Snowflake from $260.00 to $285.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. Macquarie increased their target price on Snowflake from $235.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, December 4th. Finally, Wells Fargo & Company increased their price objective on shares of Snowflake from $275.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $275.58.

Snowflake Trading Down 2.1%

Shares of NYSE SNOW traded down $4.20 during trading on Friday, reaching $195.17. The company had a trading volume of 2,372,163 shares, compared to its average volume of 4,320,659. The stock has a market cap of $66.79 billion, a P/E ratio of -48.31 and a beta of 1.14. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.07. The company’s fifty day moving average price is $224.18 and its 200-day moving average price is $228.05. Snowflake has a 12 month low of $120.10 and a 12 month high of $280.67.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.31 by $0.04. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company’s quarterly revenue was up 28.7% on a year-over-year basis. As a group, research analysts expect that Snowflake will post -2.36 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $219.90, for a total value of $2,199,000.00. Following the completion of the transaction, the executive vice president directly owned 471,351 shares of the company’s stock, valued at $103,650,084.90. This represents a 2.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $206.77, for a total transaction of $41,354,000.00. Following the sale, the director owned 50,329 shares of the company’s stock, valued at $10,406,527.33. The trade was a 79.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 613,681 shares of company stock worth $136,052,145 over the last 90 days. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently made changes to their positions in the company. Trust Co. of Toledo NA OH bought a new position in shares of Snowflake in the second quarter valued at $25,000. Avion Wealth lifted its holdings in shares of Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after buying an additional 49 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new stake in shares of Snowflake in the third quarter valued at about $25,000. Tripletail Wealth Management LLC acquired a new position in shares of Snowflake in the third quarter valued at about $28,000. Finally, Rossby Financial LCC grew its position in Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after buying an additional 127 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.