Snowflake (NYSE:SNOW) Upgraded to Buy at Monness Crespi & Hardt

Monness Crespi & Hardt upgraded shares of Snowflake (NYSE:SNOW) from a neutral rating to a buy rating in a report issued on Wednesday morning, MarketBeat.com reports. They currently have $140.00 target price on the stock.

Several other brokerages have also recently commented on SNOW. Stifel Nicolaus lowered their price target on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Loop Capital dropped their target price on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Piper Sandler reissued an “overweight” rating and issued a $165.00 price target on shares of Snowflake in a research note on Thursday, August 22nd. Citigroup reduced their target price on Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th. Finally, Evercore ISI cut their price target on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $174.17.

Snowflake Trading Up 1.8 %

SNOW stock traded up $2.19 during trading on Wednesday, hitting $123.61. The company had a trading volume of 1,334,343 shares, compared to its average volume of 6,471,885. The company has a fifty day moving average price of $114.63 and a two-hundred day moving average price of $129.94. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The company has a market cap of $41.43 billion, a P/E ratio of -39.67 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the prior year, the firm earned ($0.52) EPS. The company’s revenue was up 28.9% on a year-over-year basis. On average, analysts expect that Snowflake will post -2.41 earnings per share for the current year.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Snowflake news, Director Frank Slootman sold 6,251 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $715,051.89. Following the transaction, the director now owns 208,735 shares of the company’s stock, valued at $23,877,196.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 30,000 shares of Snowflake stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the transaction, the executive vice president now owns 721,755 shares of the company’s stock, valued at $86,610,600. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,538 shares of company stock valued at $5,249,994. 7.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Snowflake

Several hedge funds have recently added to or reduced their stakes in SNOW. Swiss National Bank boosted its holdings in shares of Snowflake by 0.4% during the 3rd quarter. Swiss National Bank now owns 894,300 shares of the company’s stock worth $102,719,000 after buying an additional 3,800 shares during the period. Empowered Funds LLC boosted its holdings in shares of Snowflake by 8.8% during the third quarter. Empowered Funds LLC now owns 6,013 shares of the company’s stock worth $691,000 after acquiring an additional 487 shares during the period. CIBC Asset Management Inc grew its position in shares of Snowflake by 4.9% in the third quarter. CIBC Asset Management Inc now owns 11,705 shares of the company’s stock valued at $1,344,000 after purchasing an additional 544 shares during the last quarter. OneDigital Investment Advisors LLC increased its stake in shares of Snowflake by 24.2% during the third quarter. OneDigital Investment Advisors LLC now owns 3,154 shares of the company’s stock worth $362,000 after purchasing an additional 614 shares during the period. Finally, Intellectus Partners LLC lifted its holdings in Snowflake by 339.6% during the 3rd quarter. Intellectus Partners LLC now owns 18,735 shares of the company’s stock worth $2,152,000 after purchasing an additional 14,473 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

About Snowflake

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.