Analysts at CICC Research initiated coverage on shares of Snowflake (NYSE:SNOW – Get Free Report) in a research note issued on Friday,Benzinga reports. The firm set an “outperform” rating and a $225.00 price target on the stock. CICC Research’s price objective suggests a potential upside of 6.21% from the company’s previous close.
SNOW has been the subject of several other reports. Robert W. Baird boosted their price objective on shares of Snowflake from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, May 22nd. BTIG Research reiterated a “buy” rating on shares of Snowflake in a research note on Thursday, May 22nd. Raymond James Financial reiterated an “outperform” rating and set a $212.00 price objective (up from $196.00) on shares of Snowflake in a research note on Thursday, May 22nd. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a research note on Thursday, February 27th. Finally, Evercore ISI reissued a “buy” rating on shares of Snowflake in a research report on Wednesday, June 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $223.54.
Check Out Our Latest Stock Report on SNOW
Snowflake Price Performance
Snowflake (NYSE:SNOW – Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the firm earned $0.14 earnings per share. Snowflake’s revenue for the quarter was up 25.8% on a year-over-year basis. On average, analysts expect that Snowflake will post -2.36 earnings per share for the current year.
Insider Transactions at Snowflake
In other news, Director Frank Slootman sold 7,294 shares of the company’s stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $208.00, for a total transaction of $1,517,152.00. Following the completion of the transaction, the director now owns 170,718 shares in the company, valued at approximately $35,509,344. This represents a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the transaction, the chief financial officer now owns 292,610 shares of the company’s stock, valued at $47,756,878.10. This represents a 50.62% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 894,638 shares of company stock worth $169,965,038. Insiders own 6.80% of the company’s stock.
Hedge Funds Weigh In On Snowflake
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Voya Investment Management LLC grew its position in Snowflake by 10.6% in the 1st quarter. Voya Investment Management LLC now owns 1,023,844 shares of the company’s stock valued at $149,645,000 after buying an additional 98,027 shares in the last quarter. Inspire Investing LLC grew its position in Snowflake by 23.4% in the 1st quarter. Inspire Investing LLC now owns 2,066 shares of the company’s stock valued at $302,000 after buying an additional 392 shares in the last quarter. Strs Ohio bought a new position in Snowflake in the 1st quarter valued at about $10,209,000. SWS Partners grew its position in Snowflake by 2.5% in the 1st quarter. SWS Partners now owns 20,683 shares of the company’s stock valued at $3,023,000 after buying an additional 507 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in Snowflake by 29.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after buying an additional 73 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.
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.
Featured Articles
- Five stocks we like better than Snowflake
- Options Trading – Understanding Strike Price
- GE Aerospace Turns Engines Into Long-Term Profits
- Stock Ratings and Recommendations: Understanding Analyst Ratings
- Smith & Wesson Stock Falls on Earnings Miss, Tariff Woes
- The Significance of Brokerage Rankings in Stock Selection
- Marvell’s New AI Chip Deals Capture Wall Street’s Attention
Receive News & Ratings for Snowflake Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snowflake and related companies with MarketBeat.com's FREE daily email newsletter.