Snowflake’s (SNOW) “Neutral” Rating Reiterated at Bank of America

Bank of America reaffirmed their neutral rating on shares of Snowflake (NYSE:SNOW) in a research report sent to investors on Wednesday, Benzinga reports. The firm currently has a $200.00 price objective on the stock.

Several other analysts have also issued reports on the company. Guggenheim upgraded Snowflake from a sell rating to a neutral rating in a research note on Friday, March 15th. Wedbush restated a neutral rating and issued a $210.00 price objective on shares of Snowflake in a research note on Wednesday, June 5th. Robert W. Baird dropped their price objective on Snowflake from $210.00 to $200.00 and set an outperform rating on the stock in a research note on Thursday, May 23rd. Sanford C. Bernstein upped their price objective on Snowflake from $171.00 to $185.00 and gave the company a market perform rating in a research note on Thursday, May 23rd. Finally, Barclays upped their target price on Snowflake from $188.00 to $191.00 and gave the company an equal weight rating in a research report on Thursday, May 23rd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $198.92.

Snowflake Stock Performance

SNOW opened at $127.20 on Wednesday. Snowflake has a 52-week low of $124.69 and a 52-week high of $237.72. The firm has a market capitalization of $42.59 billion, a PE ratio of -45.43 and a beta of 0.85. The business’s 50-day simple moving average is $150.51 and its 200 day simple moving average is $177.28.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.40). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The company had revenue of $828.71 million for the quarter, compared to the consensus estimate of $786.95 million. On average, research analysts forecast that Snowflake will post -2.27 earnings per share for the current year.

Insider Activity

In other news, CEO Frank Slootman sold 19,764 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $156.66, for a total value of $3,096,228.24. Following the completion of the transaction, the chief executive officer now directly owns 233,297 shares in the company, valued at approximately $36,548,308.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Frank Slootman sold 19,764 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $156.66, for a total value of $3,096,228.24. Following the completion of the transaction, the chief executive officer now directly owns 233,297 shares in the company, valued at approximately $36,548,308.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 546 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $129.32, for a total value of $70,608.72. Following the transaction, the executive vice president now directly owns 756,489 shares of the company’s stock, valued at $97,829,157.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,277 shares of company stock worth $12,545,775. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Cigna Investments Inc. New raised its position in Snowflake by 1.6% during the 4th quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock worth $656,000 after purchasing an additional 51 shares during the last quarter. E&G Advisors LP raised its position in shares of Snowflake by 3.0% in the 4th quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock worth $352,000 after acquiring an additional 51 shares in the last quarter. Commerce Bank raised its position in shares of Snowflake by 0.8% in the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after acquiring an additional 51 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Snowflake by 34.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after acquiring an additional 52 shares in the last quarter. Finally, Valley National Advisers Inc. raised its position in shares of Snowflake by 18.1% in the 4th quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock worth $68,000 after acquiring an additional 53 shares in the last quarter. 65.10% of the stock is 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.