Snowflake (NYSE:SNOW) Upgraded by BNP Paribas to “Outperform”

Snowflake (NYSE:SNOW) was upgraded by BNP Paribas from a “neutral” rating to an “outperform” rating in a research note issued to investors on Thursday, FinViz reports. The firm currently has a $200.00 price objective on the stock. BNP Paribas’ price target would suggest a potential upside of 28.19% from the company’s previous close.

SNOW has been the subject of several other reports. Truist Financial reduced their price target on Snowflake from $250.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. JMP Securities raised their target price on Snowflake from $212.00 to $235.00 and gave the company a “market outperform” rating in a report on Thursday, February 29th. Bank of America lowered their price objective on shares of Snowflake from $265.00 to $212.00 and set a “neutral” rating for the company in a research report on Thursday, February 29th. Stifel Nicolaus dropped their target price on Snowflake from $235.00 to $220.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Finally, Evercore ISI cut their price target on shares of Snowflake from $250.00 to $225.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $202.77.

Snowflake Stock Performance

Shares of Snowflake stock opened at $156.02 on Thursday. The firm has a fifty day moving average of $165.95 and a two-hundred day moving average of $178.97. The stock has a market capitalization of $52.14 billion, a price-to-earnings ratio of -61.18 and a beta of 0.90. Snowflake has a 52 week low of $138.40 and a 52 week high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The company had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. As a group, research analysts forecast that Snowflake will post -1.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $156.38, for a total transaction of $234,570.00. Following the completion of the sale, the executive vice president now directly owns 774,097 shares of the company’s stock, valued at approximately $121,053,288.86. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Snowflake news, CEO Frank Slootman sold 86,078 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the completion of the transaction, the chief executive officer now owns 180,143 shares in the company, valued at approximately $40,555,593.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $156.38, for a total transaction of $234,570.00. Following the completion of the transaction, the executive vice president now directly owns 774,097 shares of the company’s stock, valued at $121,053,288.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 155,676 shares of company stock valued at $31,784,491. Corporate insiders own 8.30% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors have recently bought and sold shares of the business. Rakuten Securities Inc. purchased a new stake in shares of Snowflake during the 4th quarter valued at about $790,000. Sequoia Financial Advisors LLC raised its position in Snowflake by 209.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock valued at $927,000 after purchasing an additional 3,152 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Snowflake in the 3rd quarter valued at approximately $458,000. Glynn Capital Management LLC boosted its holdings in shares of Snowflake by 3.1% in the 3rd quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock worth $28,786,000 after purchasing an additional 5,629 shares during the period. Finally, Raymond James & Associates increased its position in shares of Snowflake by 55.9% during the 4th quarter. Raymond James & Associates now owns 295,486 shares of the company’s stock valued at $58,802,000 after purchasing an additional 105,937 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

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.