Snowflake (NYSE:SNOW) Trading Up 2.4% on Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) shares rose 2.4% during mid-day trading on Tuesday after Raymond James Financial upgraded the stock to a moderate buy rating. The stock traded as high as $221.38 and last traded at $220.4520. Approximately 4,677,986 shares traded hands during trading, a decline of 11% from the average daily volume of 5,258,131 shares. The stock had previously closed at $215.28.

Other analysts also recently issued reports about the stock. Cowen reaffirmed a “buy” rating on shares of Snowflake in a research report on Thursday, December 4th. KeyCorp upped their price objective on shares of Snowflake from $275.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, December 4th. Oppenheimer reaffirmed an “outperform” rating on shares of Snowflake in a research note on Friday, November 21st. Wells Fargo & Company boosted their price target on Snowflake from $275.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Finally, Canaccord Genuity Group upped their price target on Snowflake from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $275.32.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 7,728 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $212.45, for a total transaction of $1,641,813.60. Following the sale, the director directly owned 140,945 shares of the company’s stock, valued at $29,943,765.25. This trade represents a 5.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $230.65, for a total value of $92,951.95. Following the completion of the transaction, the director directly owned 24,524 shares of the company’s stock, valued at approximately $5,656,460.60. This trade represents a 1.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 221,537 shares of company stock valued at $53,336,395. Corporate insiders own 6.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds have recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in 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 purchasing an additional 29,320 shares during the period. Kovitz Investment Group Partners LLC grew its stake in Snowflake by 73.9% during the first quarter. Kovitz Investment Group Partners LLC now owns 3,924 shares of the company’s stock valued at $573,000 after acquiring an additional 1,668 shares in the last quarter. Aberdeen Group plc increased its holdings in Snowflake by 4.7% in the 1st quarter. Aberdeen Group plc now owns 57,128 shares of the company’s stock valued at $8,350,000 after acquiring an additional 2,549 shares during the last quarter. Northwest & Ethical Investments L.P. purchased a new stake in Snowflake in the 1st quarter worth $723,000. Finally, Algert Global LLC purchased a new stake in Snowflake in the 1st quarter worth $398,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

The firm has a market cap of $75.83 billion, a P/E ratio of -54.85 and a beta of 1.09. The firm’s fifty day simple moving average is $248.14 and its 200 day simple moving average is $227.58. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.37 and a current ratio of 1.37.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The firm’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 earned $0.20 earnings per share. As a group, analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

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.