Piper Sandler Reiterates “Overweight” Rating for Snowflake (NYSE:SNOW)

Snowflake (NYSE:SNOW)‘s stock had its “overweight” rating reissued by Piper Sandler in a research report issued on Thursday, MarketBeat Ratings reports. They currently have a $285.00 target price on the stock. Piper Sandler’s price objective points to a potential upside of 24.23% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. Barclays increased their price objective on shares of Snowflake from $219.00 to $255.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Truist Financial increased their price target on Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Citigroup restated a “market outperform” rating on shares of Snowflake in a research note on Thursday. Monness Crespi & Hardt boosted their price target on Snowflake from $245.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Finally, Scotiabank upped their price objective on Snowflake from $280.00 to $290.00 and gave the stock a “sector outperform” rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $275.05.

Snowflake Price Performance

Shares of SNOW opened at $229.42 on Thursday. The stock has a market capitalization of $77.73 billion, a P/E ratio of -56.79 and a beta of 1.09. Snowflake has a twelve month low of $120.10 and a twelve month high of $280.67. The company has a 50 day moving average of $251.34 and a 200-day moving average of $226.24. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 43.84%. The firm’s revenue for the quarter was up 28.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 earnings per share. As a group, equities research analysts forecast that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $249.53, for a total transaction of $2,495,300.00. Following the completion of the sale, the executive vice president directly owned 512,450 shares in the company, valued at $127,871,648.50. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $257.29, for a total value of $103,687.87. Following the sale, the director owned 24,927 shares of the company’s stock, valued at approximately $6,413,467.83. This represents a 1.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 170,564 shares of company stock valued at $41,676,989 in the last ninety days. 6.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its stake in Snowflake by 1.9% in the 3rd quarter. IFP Advisors Inc now owns 11,773 shares of the company’s stock valued at $2,655,000 after purchasing an additional 219 shares during the period. Swiss Life Asset Management Ltd increased its position in Snowflake by 9.1% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 34,116 shares of the company’s stock worth $7,695,000 after buying an additional 2,856 shares during the period. Investment Research Partners LLC bought a new position in Snowflake during the 3rd quarter worth $228,000. Strategic Advocates LLC bought a new stake in shares of Snowflake in the third quarter valued at about $45,000. Finally, Manhattan West Asset Management LLC boosted its position in shares of Snowflake by 0.7% in the third quarter. Manhattan West Asset Management LLC now owns 13,332 shares of the company’s stock valued at $3,007,000 after acquiring an additional 94 shares during the period. 65.10% of the stock is 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.