Truist Financial Reiterates Buy Rating for Snowflake (NYSE:SNOW)

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reissued by investment analysts at Truist Financial in a note issued to investors on Thursday,Benzinga reports. They currently have a $210.00 target price on the stock. Truist Financial’s price target indicates a potential upside of 20.93% from the company’s previous close.

SNOW has been the topic of a number of other research reports. Piper Sandler reiterated an “overweight” rating and set a $185.00 target price (up previously from $165.00) on shares of Snowflake in a research report on Thursday. Mizuho upped their price target on shares of Snowflake from $165.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday. Canaccord Genuity Group reduced their target price on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Argus began coverage on Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating for the company. Finally, Hsbc Global Res raised Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $180.23.

Snowflake Stock Up 34.5 %

NYSE SNOW traded up $44.54 on Thursday, hitting $173.66. 38,832,964 shares of the stock were exchanged, compared to its average volume of 6,634,719. The company has a market cap of $58.21 billion, a PE ratio of -56.75 and a beta of 0.83. The company has a 50-day moving average price of $117.82 and a 200-day moving average price of $127.89. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

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

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the sale, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at $85,354,801.35. This trade represents a 2.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. This trade represents a 3.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,538 shares of company stock valued at $7,061,544. 7.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Comerica Bank raised its position in Snowflake by 17.2% during the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after buying an additional 4,296 shares during the period. DekaBank Deutsche Girozentrale lifted its position in Snowflake by 23.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after buying an additional 43,062 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Snowflake by 201.5% during the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after buying an additional 42,563 shares during the period. LRI Investments LLC purchased a new position in shares of Snowflake during the 1st quarter valued at $29,000. Finally, Fulton Bank N.A. increased its stake in shares of Snowflake by 17.4% in the second quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock worth $208,000 after acquiring an additional 228 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Company Profile

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.