Scotiabank Brokers Increase Earnings Estimates for Snowflake

by · The Cerbat Gem

Snowflake Inc. (NYSE:SNOW – Free Report) – Analysts at Scotiabank lifted their FY2027 earnings estimates for shares of Snowflake in a research report issued to clients and investors on Thursday, September 10th. Scotiabank analyst P. Colville now anticipates that the company will post earnings of ($1.32) per share for the year, up from their previous estimate of ($1.81). Scotiabank has a “Sector Outperform” rating and a $440.00 price target on the stock. The consensus estimate for Snowflake’s current full-year earnings is ($1.60) per share.

A number of other equities analysts have also recently weighed in on the stock. Loop Capital increased their price objective on shares of Snowflake from $290.00 to $320.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. TD Cowen boosted their target price on Snowflake from $370.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Deutsche Bank Aktiengesellschaft set a $400.00 price target on Snowflake in a research note on Thursday, September 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Snowflake in a research report on Tuesday, September 8th. Finally, Robert W. Baird set a $450.00 price objective on Snowflake in a research note on Thursday, September 3rd. Thirty-four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $414.24.

View Our Latest Analysis on Snowflake

Snowflake Price Performance

Snowflake stock opened at $331.65 on Tuesday. The company’s 50 day simple moving average is $306.58 and its 200-day simple moving average is $227.42. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.94 and a current ratio of 0.94. Snowflake has a 1 year low of $118.30 and a 1 year high of $384.56. The company has a market capitalization of $117.00 billion, a price-to-earnings ratio of -104.29 and a beta of 1.33.

Snowflake (NYSE:SNOW – Get Free Report) last announced its earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.17. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the firm posted $0.35 earnings per share. Snowflake’s revenue was up 35.1% compared to the same quarter last year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 48,990 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $320.78, for a total value of $15,715,012.20. Following the completion of the transaction, the director owned 28,535 shares of the company’s stock, valued at $9,153,457.30. This trade represents a 63.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 2,730 shares of the business’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $335.72, for a total transaction of $916,515.60. Following the completion of the transaction, the executive vice president owned 319,887 shares of the company’s stock, valued at approximately $107,392,463.64. This trade represents a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,216,974 shares of company stock valued at $350,103,983 in the last quarter. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. MV Capital Management Inc. purchased a new stake in Snowflake in the 4th quarter valued at $32,000. Copos Capital S.a r.l. purchased a new position in Snowflake during the 4th quarter worth $35,000. SHP Wealth Management purchased a new position in Snowflake during the 4th quarter worth $39,000. Basecamp Wealth Advisors LLC increased its stake in Snowflake by 140.5% in the first quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock valued at $30,000 after purchasing an additional 118 shares during the period. Finally, Emerald Advisers LLC increased its stake in Snowflake by 95.2% in the first quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock valued at $31,000 after purchasing an additional 100 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

About Snowflake

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Snowflake Inc (NYSE: SNOW) is a cloud-based data platform company that helps organizations store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and business intelligence across public cloud environments.

Snowflake’s Data Cloud enables customers to consolidate and access structured, semi-structured and unstructured data while supporting secure data sharing and collaboration. Its offerings include Snowflake Cortex, which provides artificial intelligence and machine-learning capabilities, as well as tools for developing data applications and using data from Snowflake’s marketplace and partner ecosystem.

Founded in 2012, Snowflake serves businesses, government organizations and other institutions globally through cloud infrastructure provided by major public-cloud platforms.

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