Snowflake (NYSE:SNOW) Stock Rating Upgraded by BNP Paribas

BNP Paribas upgraded shares of Snowflake (NYSE:SNOW) from a neutral rating to an outperform rating in a research note issued to investors on Thursday morning, Marketbeat.com reports. BNP Paribas currently has $200.00 price objective on the stock.

Other analysts have also issued reports about the stock. Bank of America decreased their price target on shares of Snowflake from $265.00 to $212.00 and set a neutral rating for the company in a research report on Thursday, February 29th. Stifel Nicolaus decreased their target price on shares of Snowflake from $235.00 to $220.00 and set a buy rating for the company in a research report on Thursday, February 29th. JPMorgan Chase & Co. cut their price target on shares of Snowflake from $200.00 to $170.00 and set an overweight rating on the stock in a report on Thursday, February 29th. Truist Financial decreased their price objective on Snowflake from $250.00 to $210.00 and set a buy rating for the company in a report on Thursday, February 29th. Finally, Canaccord Genuity Group restated a buy rating and set a $230.00 target price on shares of Snowflake in a research note on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Snowflake has a consensus rating of Moderate Buy and an average price target of $202.77.

Snowflake Stock Up 1.0 %

Shares of NYSE SNOW traded up $1.55 during midday trading on Thursday, reaching $159.32. 3,660,233 shares of the company’s stock traded hands, compared to its average volume of 4,335,201. The company has a market cap of $53.24 billion, a price-to-earnings ratio of -62.48 and a beta of 0.90. The stock’s 50 day simple moving average is $163.20 and its 200-day simple moving average is $178.80. Snowflake has a one year low of $138.40 and a one year high of $237.72.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.05. The business had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. Equities analysts predict that Snowflake will post -1.9 EPS for the current fiscal year.

Insider Activity

In other Snowflake news, insider Benoit Dageville sold 8,515 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the transaction, the insider now directly owns 55,216 shares of the company’s stock, valued at $8,627,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Sridhar Ramaswamy purchased 31,542 shares of the stock in a transaction dated Monday, March 25th. The shares were purchased at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the completion of the purchase, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at approximately $5,000,037.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Benoit Dageville sold 8,515 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $156.25, for a total value of $1,330,468.75. Following the completion of the transaction, the insider now directly owns 55,216 shares of the company’s stock, valued at $8,627,500. The disclosure for this sale can be found here. Insiders have sold 168,458 shares of company stock worth $33,785,640 in the last quarter. Corporate insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently modified their holdings of SNOW. Norges Bank acquired a new position in Snowflake during the fourth quarter worth about $838,455,000. Vanguard Group Inc. grew its position in shares of Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after purchasing an additional 1,559,830 shares in the last quarter. FMR LLC grew its position in shares of Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after purchasing an additional 1,496,235 shares in the last quarter. Winslow Capital Management LLC purchased a new position in Snowflake during the third quarter worth approximately $226,302,000. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in Snowflake during the first quarter worth approximately $171,608,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.