Snowflake (NYSE:SNOW) Upgraded to Outperform by BNP Paribas

Snowflake (NYSE:SNOW) was upgraded by equities research analysts at BNP Paribas from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, FinViz reports. The brokerage currently has a $200.00 target price on the stock. BNP Paribas’ target price suggests a potential upside of 28.19% from the company’s current price.

A number of other analysts have also issued reports on SNOW. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $230.00 price target on shares of Snowflake in a research note on Thursday, February 29th. Truist Financial dropped their target price on shares of Snowflake from $250.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Needham & Company LLC cut their price target on shares of Snowflake from $265.00 to $240.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. Guggenheim upgraded Snowflake from a “sell” rating to a “neutral” rating in a report on Friday, March 15th. Finally, Rosenblatt Securities upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $185.00 price target for the company in a report on Friday, April 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $202.77.

Snowflake Price Performance

NYSE SNOW opened at $156.02 on Thursday. The stock’s fifty day moving average price is $165.95 and its 200 day moving average price is $178.97. The company has a market cap of $52.14 billion, a price-to-earnings ratio of -61.18 and a beta of 0.90. Snowflake has a 1 year low of $138.40 and a 1 year high of $237.72.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.05. The firm had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. Research analysts expect that Snowflake will post -1.9 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In related news, SVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $230.00, for a total transaction of $2,300,000.00. Following the completion of the transaction, the senior vice president now directly owns 726,567 shares in the company, valued at $167,110,410. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Sridhar Ramaswamy acquired 31,542 shares of the company’s stock in a transaction on Monday, March 25th. The stock was purchased at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the acquisition, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $230.00, for a total transaction of $2,300,000.00. Following the transaction, the senior vice president now owns 726,567 shares of the company’s stock, valued at $167,110,410. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 155,676 shares of company stock valued at $31,784,491. Company insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Accent Capital Management LLC acquired a new stake in Snowflake in the fourth quarter valued at $25,000. Provence Wealth Management Group bought a new stake in Snowflake during the 3rd quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. increased its position in shares of Snowflake by 54.1% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 205 shares of the company’s stock worth $31,000 after acquiring an additional 72 shares in the last quarter. Global Wealth Management Investment Advisory Inc. raised its stake in shares of Snowflake by 89.0% in the third quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock worth $31,000 after purchasing an additional 97 shares during the last quarter. Finally, Riverview Trust Co purchased a new stake in Snowflake in the 1st quarter valued at $31,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.