Snowflake’s (SNOW) “Buy” Rating Reiterated at Truist Financial

Truist Financial reissued their buy rating on shares of Snowflake (NYSE:SNOW) in a research report released on Thursday morning,Benzinga reports. Truist Financial currently has a $210.00 target price on the stock.

A number of other analysts also recently issued reports on SNOW. Bank of America lifted their price objective on Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday. Wells Fargo & Company boosted their price target on shares of Snowflake from $125.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Thursday. Stifel Nicolaus lowered their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Needham & Company LLC boosted their target price on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Citigroup lowered their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Stock Performance

SNOW opened at $167.44 on Thursday. The stock has a market capitalization of $56.13 billion, a price-to-earnings ratio of -49.39 and a beta of 0.83. The company has a fifty day moving average of $120.06 and a 200 day moving average of $128.00. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 22.01% and a negative net margin of 33.02%. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.52) earnings per share. On average, equities research analysts forecast that Snowflake will post -2.41 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the transaction, the executive vice president now owns 706,755 shares of the company’s stock, valued at $85,354,801.35. The trade was a 2.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares in the company, valued at $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock valued at $7,061,544 over the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SNOW. Covestor Ltd grew its position in Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the last quarter. Modus Advisors LLC increased its holdings in Snowflake by 3.9% in the 3rd quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after buying an additional 94 shares during the period. Catalyst Private Wealth LLC raised its position in Snowflake by 3.2% during the 3rd quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after buying an additional 104 shares during the last quarter. Iron Gate Global Advisors LLC boosted its holdings in shares of Snowflake by 0.9% in the 1st quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,878,000 after acquiring an additional 105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Snowflake by 30.3% in the first quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock worth $72,000 after acquiring an additional 108 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

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.