Snowflake (NYSE:SNOW) Earns “Buy” Rating from BTIG Research

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating restated by investment analysts at BTIG Research in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $312.00 target price on the stock. BTIG Research’s target price would indicate a potential upside of 36.00% from the stock’s current price.

Several other research analysts also recently commented on SNOW. Bank of America raised their price objective on Snowflake from $280.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Cantor Fitzgerald increased their target price on shares of Snowflake from $275.00 to $278.00 and gave the stock an “overweight” rating in a report on Thursday. Mizuho lifted their price target on shares of Snowflake from $260.00 to $285.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Needham & Company LLC upped their price target on shares of Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Finally, Robert W. Baird raised their price target on Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.05.

Snowflake Stock Performance

SNOW opened at $229.42 on Thursday. The company’s 50 day moving average is $251.34 and its 200 day moving average is $226.24. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The company has a market cap of $77.73 billion, a price-to-earnings ratio of -56.79 and a beta of 1.09. Snowflake has a 12-month low of $120.10 and a 12-month high of $280.67.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.04. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 43.84%. The company’s quarterly revenue was up 28.7% on a year-over-year basis. During the same period last year, the firm earned $0.20 earnings per share. On average, equities research analysts predict that Snowflake will post -2.36 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction dated 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 sale, the executive vice president directly owned 512,450 shares in the company, valued at approximately $127,871,648.50. This represents a 1.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $257.29, for a total transaction of $103,687.87. Following the completion of the transaction, the director directly owned 24,927 shares of the company’s stock, valued at approximately $6,413,467.83. The trade was a 1.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 170,564 shares of company stock worth $41,676,989. 6.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Snowflake

A number of institutional investors and hedge funds have recently modified their holdings of SNOW. Trust Co. of Toledo NA OH purchased a new position in Snowflake during the second quarter worth $25,000. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Snowflake in the third quarter valued at $25,000. Avion Wealth raised its stake in shares of Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after acquiring an additional 49 shares during the period. Tripletail Wealth Management LLC bought a new stake in shares of Snowflake in the 3rd quarter worth about $28,000. Finally, Rossby Financial LCC boosted its stake in shares of Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after purchasing an additional 127 shares during the period. Hedge funds and other 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.