Snowflake (NYSE:SNOW) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Snowflake (NYSE:SNOW) from a sell rating to a hold rating in a research report released on Tuesday.

A number of other research analysts have also recently commented on the company. Monness Crespi & Hardt raised Snowflake from a sell rating to a neutral rating in a report on Monday, March 18th. Mizuho restated a buy rating and set a $205.00 target price (down previously from $255.00) on shares of Snowflake in a research report on Thursday, February 29th. Macquarie upgraded shares of Snowflake from a neutral rating to an outperform rating and lifted their price target for the company from $182.00 to $205.00 in a report on Thursday, February 29th. Morgan Stanley reissued an equal weight rating and set a $175.00 price objective (down previously from $230.00) on shares of Snowflake in a report on Thursday, February 29th. Finally, Canaccord Genuity Group reaffirmed a buy rating and issued a $230.00 target price on shares of Snowflake in a report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Snowflake has a consensus rating of Moderate Buy and an average target price of $202.77.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $159.32 on Tuesday. The company has a market capitalization of $53.24 billion, a P/E ratio of -62.48 and a beta of 0.90. Snowflake has a 1-year low of $138.40 and a 1-year high of $237.72. The firm’s 50 day simple moving average is $164.60 and its two-hundred day simple moving average is $178.82.

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

Insider Buying and Selling

In related news, CEO Frank Slootman sold 86,078 shares of Snowflake stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the transaction, the chief executive officer now directly owns 180,143 shares of the company’s stock, valued at $40,555,593.59. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, 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 completion of the transaction, the senior vice president now owns 726,567 shares in the company, valued at approximately $167,110,410. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Frank Slootman sold 86,078 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the completion of the sale, the chief executive officer now owns 180,143 shares of the company’s stock, valued at $40,555,593.59. The disclosure for this sale can be found here. Insiders sold a total of 168,458 shares of company stock valued at $33,785,640 over the last three months. 8.30% of the stock is owned by company insiders.

Institutional Trading of Snowflake

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Snowflake by 8.0% during the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after purchasing an additional 1,559,830 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Snowflake by 3.7% during the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after buying an additional 249,249 shares during the last quarter. FMR LLC increased its position in shares of Snowflake by 32.1% in the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after acquiring an additional 1,496,235 shares during the period. Sands Capital Management LLC raised its stake in Snowflake by 12.6% in the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after acquiring an additional 610,970 shares during the last quarter. Finally, Norges Bank acquired a new stake in Snowflake during the 4th quarter worth about $838,455,000. 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.