Needham & Company LLC Reaffirms “Buy” Rating for Snowflake (NYSE:SNOW)

Needham & Company LLC restated their buy rating on shares of Snowflake (NYSE:SNOW) in a research note issued to investors on Thursday,Benzinga reports. Needham & Company LLC currently has a $230.00 target price on the stock.

A number of other equities analysts have also recently commented on SNOW. Monness Crespi & Hardt increased their target price on Snowflake from $230.00 to $245.00 and gave the company a “buy” rating in a report on Thursday, May 22nd. Cowen reissued a “buy” rating on shares of Snowflake in a report on Thursday, May 22nd. Rosenblatt Securities reissued a “buy” rating and set a $205.00 target price on shares of Snowflake in a report on Monday, May 19th. Wolfe Research raised Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price target for the company in a report on Tuesday, February 18th. Finally, BTIG Research reaffirmed a “buy” rating on shares of Snowflake in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $221.28.

Snowflake Stock Performance

SNOW opened at $209.99 on Thursday. The firm has a fifty day moving average price of $168.14 and a 200 day moving average price of $168.59. Snowflake has a 1 year low of $107.13 and a 1 year high of $214.83. The stock has a market cap of $70.11 billion, a P/E ratio of -61.94 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 EPS. Equities research analysts anticipate that Snowflake will post -2.36 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, Director Michael L. Speiser sold 403 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the transaction, the director now directly owns 26,375 shares in the company, valued at $3,408,968.75. This represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares in the company, valued at $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 849,779 shares of company stock worth $159,318,643. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Large investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Snowflake in the fourth quarter valued at $988,950,000. GQG Partners LLC acquired a new stake in shares of Snowflake during the 4th quarter worth about $750,572,000. Nuveen LLC acquired a new stake in shares of Snowflake during the 1st quarter worth about $555,847,000. FMR LLC raised its stake in Snowflake by 84.9% in the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after purchasing an additional 2,805,425 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in Snowflake by 346.2% in the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock worth $456,430,000 after purchasing an additional 2,460,769 shares in the last quarter. 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.