Snowflake (NYSE:SNOW) Trading 2.5% Higher – What’s Next?

by · The Cerbat Gem

Snowflake Inc. (NYSE:SNOW – Get Free Report) rose 2.5% during trading on Thursday . The company traded as high as $223.60 and last traded at $221.59. Approximately 4,742,890 shares were traded during trading, a decline of 10% from the average daily volume of 5,246,944 shares. The stock had previously closed at $216.29.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Barclays boosted their target price on Snowflake from $219.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Stifel Nicolaus lifted their price objective on Snowflake from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. BTIG Research restated a “buy” rating and set a $312.00 target price on shares of Snowflake in a research note on Thursday, December 4th. Mizuho lifted their price target on Snowflake from $260.00 to $285.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. Finally, Bank of America increased their price objective on Snowflake from $280.00 to $310.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $275.32.

Get Our Latest Stock Analysis on Snowflake

Snowflake Stock Up 2.5%

The stock has a market capitalization of $75.83 billion, a price-to-earnings ratio of -54.85 and a beta of 1.09. The firm has a 50 day simple moving average of $248.72 and a 200-day simple moving average of $227.62. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.37.

Snowflake (NYSE:SNOW – Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The company’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 earnings per share. On average, sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $223.88, for a total value of $2,238,800.00. Following the completion of the transaction, the executive vice president owned 532,450 shares in the company, valued at $119,204,906. The trade was a 1.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the business’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the sale, 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 SEC filing for this sale provides additional information. Insiders sold a total of 221,537 shares of company stock worth $53,336,395 in the last three months. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Snowflake by 3.1% in the third quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company’s stock valued at $6,461,465,000 after purchasing an additional 857,832 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Snowflake in the second quarter valued at approximately $3,900,134,000. Jennison Associates LLC boosted its holdings in Snowflake by 13.5% during the third quarter. Jennison Associates LLC now owns 9,083,889 shares of the company’s stock worth $2,048,871,000 after purchasing an additional 1,083,222 shares during the last quarter. State Street Corp grew its holdings in shares of Snowflake by 1.4% in the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company’s stock valued at $1,541,120,000 after acquiring an additional 94,293 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its stake in Snowflake by 15.2% in the second quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock valued at $1,108,045,000 after purchasing an additional 652,485 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

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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