Snowflake’s (SNOW) “Buy” Rating Reaffirmed at Rosenblatt Securities

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reissued by research analysts at Rosenblatt Securities in a research note issued on Monday, Benzinga reports. They presently have a $195.00 price objective on the stock. Rosenblatt Securities’ target price points to a potential upside of 47.83% from the company’s current price.

Other research analysts also recently issued reports about the company. KeyCorp boosted their target price on Snowflake from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Royal Bank of Canada dropped their target price on Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 5th. Barclays dropped their target price on Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a research note on Monday. JMP Securities reiterated a “market outperform” rating and set a $235.00 price target on shares of Snowflake in a research note on Tuesday, June 4th. Finally, Bank of America dropped their price target on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $188.21.

Snowflake Trading Up 0.4 %

Shares of NYSE:SNOW opened at $131.91 on Monday. Snowflake has a 12-month low of $107.93 and a 12-month high of $237.72. The business’s fifty day simple moving average is $130.08 and its 200-day simple moving average is $155.73. The company has a market capitalization of $44.16 billion, a PE ratio of -47.11 and a beta of 0.85.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The company had revenue of $828.71 million during the quarter, compared to analysts’ expectations of $786.95 million. Research analysts predict that Snowflake will post -2.31 EPS for the current year.

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares of the company’s stock, valued at $86,252,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares of the company’s stock, valued at $86,252,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benoit Dageville sold 558 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the transaction, the insider now directly owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 534,178 shares of company stock valued at $66,520,575. 7.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently made changes to their positions in SNOW. Tennessee Valley Asset Management Partners purchased a new stake in shares of Snowflake in the fourth quarter valued at approximately $81,000. Mackenzie Financial Corp grew its position in shares of Snowflake by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 22,790 shares of the company’s stock valued at $4,535,000 after purchasing an additional 616 shares in the last quarter. Federated Hermes Inc. purchased a new position in Snowflake in the fourth quarter worth approximately $8,358,000. Kornitzer Capital Management Inc. KS purchased a new position in Snowflake in the fourth quarter worth approximately $468,000. Finally, abrdn plc grew its position in Snowflake by 53.4% in the fourth quarter. abrdn plc now owns 174,390 shares of the company’s stock worth $34,704,000 after acquiring an additional 60,710 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.