Snowflake (NYSE:SNOW) Reaches New 12-Month High After Analyst Upgrade

by · The Markets Daily

Shares of Snowflake Inc. (NYSE:SNOW – Get Free Report) hit a new 52-week high during mid-day trading on Thursday after Morgan Stanley raised their price target on the stock from $185.00 to $200.00. Morgan Stanley currently has an equal weight rating on the stock. Snowflake traded as high as $195.78 and last traded at $195.99, with a volume of 686742 shares trading hands. The stock had previously closed at $179.12.

A number of other research firms have also recently commented on SNOW. Rosenblatt Securities reaffirmed a “buy” rating and set a $205.00 price target on shares of Snowflake in a research note on Monday. JMP Securities restated a “market outperform” rating and set a $201.00 target price on shares of Snowflake in a research report on Tuesday. Barclays upped their target price on Snowflake from $190.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. Stifel Nicolaus boosted their price objective on Snowflake from $187.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Finally, BTIG Research upgraded Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 target price for the company in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $202.81.

Read Our Latest Analysis on Snowflake

Insider Buying and Selling at Snowflake

In other news, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the sale, the chief financial officer now owns 292,610 shares in the company, valued at $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Slootman sold 1,783 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total transaction of $262,528.92. Following the completion of the sale, the director now directly owns 192,511 shares in the company, valued at approximately $28,345,319.64. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 356,963 shares of company stock worth $58,204,058. 7.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snowflake

Several large investors have recently made changes to their positions in the company. Norges Bank purchased a new position in Snowflake in the fourth quarter valued at $988,950,000. GQG Partners LLC purchased a new position in shares of Snowflake in the 4th quarter valued at about $750,572,000. Nuveen LLC acquired a new position in Snowflake in the 1st quarter worth about $555,847,000. Jennison Associates LLC boosted its position in Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after purchasing an additional 3,662,671 shares in the last quarter. Finally, FMR LLC increased its position in shares of Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after buying an additional 2,805,425 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Trading Up 9.7%

The firm has a market capitalization of $64.88 billion, a price-to-earnings ratio of -57.82 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a 50 day moving average price of $157.35 and a two-hundred day moving average price of $162.37.

Snowflake (NYSE:SNOW – Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($1.13). Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the firm posted $0.14 EPS. The business’s quarterly revenue was up 25.8% on a year-over-year basis. On average, research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

About Snowflake

(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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