Morgan Stanley Begins Coverage on Snowflake (NYSE:SNOW)

Investment analysts at Morgan Stanley began coverage on shares of Snowflake (NYSE:SNOWGet Free Report) in a research report issued on Tuesday, Marketbeat reports. The firm set an “overweight” rating and a $262.00 price target on the stock. Morgan Stanley’s price target would indicate a potential upside of 18.13% from the stock’s current price.

A number of other research analysts have also weighed in on the company. BTIG Research restated a “buy” rating on shares of Snowflake in a research report on Thursday, May 22nd. Macquarie raised their price target on Snowflake from $190.00 to $210.00 and gave the company a “neutral” rating in a report on Wednesday, June 4th. Citigroup reaffirmed an “outperform” rating on shares of Snowflake in a report on Thursday, May 22nd. Truist Financial increased their target price on Snowflake from $210.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, May 22nd. Finally, HSBC cut shares of Snowflake from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $225.22.

View Our Latest Report on Snowflake

Snowflake Trading Down 0.6%

Shares of Snowflake stock opened at $221.79 on Tuesday. Snowflake has a 1-year low of $107.13 and a 1-year high of $225.68. The company’s fifty day simple moving average is $187.55 and its 200-day simple moving average is $172.77. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The stock has a market capitalization of $74.05 billion, a PE ratio of -52.68 and a beta of 1.21.

Snowflake (NYSE:SNOWGet Free Report) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. Snowflake’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period last year, the firm earned $0.14 EPS. As a group, equities analysts anticipate that Snowflake will post -2.36 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In related news, CAO Emily Ho sold 2,599 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $210.07, for a total transaction of $545,971.93. Following the transaction, the chief accounting officer now directly owns 37,763 shares in the company, valued at approximately $7,932,873.41. This represents a 6.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $129.25, for a total transaction of $52,087.75. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 597,248 shares of company stock worth $121,549,799. 6.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently made changes to their positions in SNOW. Brighton Jones LLC increased its holdings in Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Snowflake by 60.0% during the fourth quarter. Principal Financial Group Inc. now owns 109,230 shares of the company’s stock valued at $16,866,000 after purchasing an additional 40,979 shares during the period. Global Retirement Partners LLC boosted its stake in shares of Snowflake by 86.5% in the fourth quarter. Global Retirement Partners LLC now owns 2,270 shares of the company’s stock valued at $351,000 after purchasing an additional 1,053 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of Snowflake by 21.1% in the fourth quarter. First Horizon Advisors Inc. now owns 621 shares of the company’s stock valued at $96,000 after purchasing an additional 108 shares during the period. Finally, Wealthspire Advisors LLC grew its holdings in Snowflake by 9.0% during the 4th quarter. Wealthspire Advisors LLC now owns 9,562 shares of the company’s stock valued at $1,476,000 after purchasing an additional 791 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Company Profile

(Get Free Report)

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.

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