Snowflake (NYSE:SNOW) Trading Up 3.4% – Time to Buy?

by · The Markets Daily

Snowflake Inc. (NYSE:SNOW – Get Free Report)’s stock price shot up 3.4% on Tuesday . The company traded as high as $250.99 and last traded at $250.3060. 3,500,160 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 5,112,308 shares. The stock had previously closed at $241.99.

Analyst Ratings Changes

SNOW has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on shares of Snowflake from $230.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Macquarie upped their target price on Snowflake from $210.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, August 28th. KeyCorp lifted their price target on Snowflake from $250.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price target on shares of Snowflake in a report on Friday, October 17th. Finally, Cowen restated a “buy” rating on shares of Snowflake in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $267.25.

View Our Latest Stock Analysis on SNOW

Snowflake Price Performance

The firm has a market capitalization of $84.80 billion, a price-to-earnings ratio of -60.31 and a beta of 1.23. The stock’s 50-day moving average price is $246.71 and its 200 day moving average price is $222.55. 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 – Get Free Report) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the prior year, the company earned $0.18 EPS. Snowflake’s revenue was up 31.8% compared to the same quarter last year. Equities research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, SVP Vivek Raghunathan sold 11,801 shares of the business’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the transaction, the senior vice president owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. The trade was a 4.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $277.73, for a total transaction of $2,777,300.00. Following the sale, the executive vice president owned 522,450 shares of the company’s stock, valued at approximately $145,100,038.50. The trade was a 1.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 931,388 shares of company stock worth $216,578,628 in the last three months. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

Hedge funds have recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC purchased a new position in Snowflake in the second quarter worth approximately $3,900,134,000. Norges Bank acquired a new position in shares of Snowflake in the 2nd quarter valued at $944,895,000. Nuveen LLC purchased a new position in shares of Snowflake during the 1st quarter worth $555,847,000. Winslow Capital Management LLC acquired a new stake in shares of Snowflake during the 2nd quarter worth about $725,667,000. Finally, AQR Capital Management LLC increased its position in shares of Snowflake by 346.2% during 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 during the last quarter. Hedge funds and other institutional investors 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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