Snowflake (NYSE:SNOW) Shares Up 7.5% – Time to Buy?

Snowflake Inc. (NYSE:SNOW)’s stock price shot up 7.5% during trading on Friday . The company traded as high as $170.39 and last traded at $168.50. 9,601,052 shares traded hands during mid-day trading, an increase of 68% from the average session volume of 5,703,095 shares. The stock had previously closed at $156.71.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of recent research reports. Macquarie Infrastructure upped their price target on Snowflake from $235.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, December 4th. Citigroup dropped their price objective on shares of Snowflake from $310.00 to $300.00 and set a “buy” rating on the stock in a report on Monday, December 8th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. Robert W. Baird upped their price target on shares of Snowflake from $260.00 to $270.00 and gave the company an “outperform” rating in a research note on Thursday, December 4th. Finally, Bank of America lifted their price objective on shares of Snowflake from $280.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.58.

Snowflake Trading Up 7.5%

The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.37 and a current ratio of 1.37. The stock has a market cap of $57.66 billion, a P/E ratio of -41.71 and a beta of 1.14. The stock has a 50-day moving average price of $217.23 and a 200-day moving average price of $226.74.

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

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $197.09, for a total transaction of $1,970,900.00. Following the transaction, the executive vice president directly owned 461,351 shares in the company, valued at $90,927,668.59. This trade represents a 2.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $221.16, for a total transaction of $89,127.48. Following the completion of the sale, the director owned 24,121 shares of the company’s stock, valued at approximately $5,334,600.36. The trade was a 1.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 562,940 shares of company stock valued at $122,190,090. 6.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

Large investors have recently added to or reduced their stakes in the business. Trust Co. of Toledo NA OH bought a new position in shares of Snowflake during the second quarter valued at about $25,000. Avion Wealth boosted its holdings in Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after acquiring an additional 49 shares during the period. Grey Fox Wealth Advisors LLC bought a new position in Snowflake during the 3rd quarter worth approximately $25,000. Tripletail Wealth Management LLC purchased a new position in Snowflake in the 3rd quarter worth approximately $28,000. Finally, Rossby Financial LCC lifted its position in Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

About Snowflake

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.