Wells Fargo & Company Reaffirms Overweight Rating for Snowflake (NYSE:SNOW)

Snowflake (NYSE:SNOW)‘s stock had its “overweight” rating restated by Wells Fargo & Company in a research note issued on Friday, Marketbeat Ratings reports. They presently have a $250.00 price target on the stock, up from their previous price target of $225.00. Wells Fargo & Company‘s price objective points to a potential upside of 19.04% from the stock’s previous close.

SNOW has been the topic of several other research reports. Wolfe Research upgraded Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price target on the stock in a research note on Tuesday, February 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $230.00 target price on shares of Snowflake in a report on Thursday, June 5th. Barclays reaffirmed an “overweight” rating and set a $219.00 target price (up previously from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. Cantor Fitzgerald raised their price target on Snowflake from $183.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, May 22nd. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $223.50.

Snowflake Stock Up 0.9%

Shares of SNOW stock traded up $1.84 during trading hours on Friday, reaching $210.02. The company had a trading volume of 1,275,892 shares, compared to its average volume of 6,237,069. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. Snowflake has a twelve month low of $107.13 and a twelve month high of $214.83. The company has a market capitalization of $70.12 billion, a P/E ratio of -61.98 and a beta of 1.21. The stock’s fifty day simple moving average is $176.54 and its 200 day simple moving average is $170.74.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the firm earned $0.14 earnings per share. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, sell-side analysts expect that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Michael Scarpelli sold 400,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Christian Kleinerman sold 3,765 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $155.69, for a total value of $586,172.85. Following the completion of the sale, the executive vice president now owns 616,602 shares in the company, valued at approximately $95,998,765.38. This represents a 0.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 903,058 shares of company stock valued at $170,730,711 over the last quarter. Insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several large investors have recently modified their holdings of the stock. Brighton Jones LLC boosted its holdings in shares of Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after acquiring an additional 29,320 shares in the last quarter. Kingsview Wealth Management LLC boosted its holdings in shares of Snowflake by 8.7% in the 4th quarter. Kingsview Wealth Management LLC now owns 2,441 shares of the company’s stock worth $377,000 after acquiring an additional 195 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Snowflake by 50.6% in the 4th quarter. Empowered Funds LLC now owns 9,054 shares of the company’s stock worth $1,398,000 after acquiring an additional 3,041 shares in the last quarter. Stephens Inc. AR boosted its holdings in shares of Snowflake by 9.8% in the 4th quarter. Stephens Inc. AR now owns 2,945 shares of the company’s stock worth $455,000 after acquiring an additional 262 shares in the last quarter. Finally, Kestra Private Wealth Services LLC boosted its holdings in shares of Snowflake by 53.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 5,079 shares of the company’s stock worth $784,000 after acquiring an additional 1,769 shares in the last quarter. 65.10% of the stock is currently 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.