Snowflake (NYSE:SNOW) Upgraded to Buy at Monness Crespi & Hardt

Snowflake (NYSE:SNOW) was upgraded by analysts at Monness Crespi & Hardt from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, FinViz reports. The brokerage presently has a $140.00 target price on the stock. Monness Crespi & Hardt’s target price points to a potential upside of 20.23% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. UBS Group decreased their price target on Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, September 24th. TD Cowen decreased their price objective on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. Barclays cut their target price on Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Jefferies Financial Group dropped their price objective on Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, Scotiabank cut their price objective on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $174.17.

Snowflake Price Performance

NYSE:SNOW opened at $116.44 on Wednesday. The firm has a 50-day moving average of $114.61 and a two-hundred day moving average of $130.14. The stock has a market cap of $39.03 billion, a P/E ratio of -38.05 and a beta of 0.83. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72.

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

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the transaction, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at $86,610,600. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Christian Kleinerman sold 30,000 shares of Snowflake stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the transaction, the executive vice president now owns 721,755 shares of the company’s stock, valued at $86,610,600. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 6,251 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $715,051.89. Following the completion of the sale, the director now owns 208,735 shares of the company’s stock, valued at $23,877,196.65. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,538 shares of company stock worth $5,249,994. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Snowflake by 1.4% during the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after buying an additional 297,428 shares during the last quarter. Legal & General Group Plc raised its stake in Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after purchasing an additional 223,936 shares during the last quarter. Swedbank AB bought a new stake in Snowflake in the 1st quarter valued at $258,957,000. Bank of New York Mellon Corp grew its position in Snowflake by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock worth $216,142,000 after purchasing an additional 8,743 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Snowflake by 90.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after purchasing an additional 600,469 shares during the period. 65.10% of the stock is currently owned by institutional investors.

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.