Snowflake’s (SNOW) Overweight Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of Snowflake (NYSE:SNOW) in a report issued on Thursday, Benzinga reports. The brokerage currently has a $240.00 target price on the stock.

Several other equities research analysts have also commented on SNOW. Redburn Atlantic reissued a sell rating and issued a $125.00 price target (down previously from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. Mizuho restated a buy rating and set a $205.00 price target (down previously from $255.00) on shares of Snowflake in a research report on Thursday, February 29th. Needham & Company LLC lowered their price objective on Snowflake from $240.00 to $210.00 and set a buy rating on the stock in a report on Thursday. JPMorgan Chase & Co. cut their price objective on Snowflake from $200.00 to $170.00 and set an overweight rating for the company in a research note on Thursday, February 29th. Finally, Macquarie raised Snowflake from a neutral rating to an outperform rating and lifted their price target for the stock from $182.00 to $205.00 in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, Snowflake currently has a consensus rating of Moderate Buy and an average target price of $200.64.

Snowflake Stock Performance

Shares of Snowflake stock opened at $156.16 on Thursday. The firm has a 50-day simple moving average of $157.03 and a two-hundred day simple moving average of $180.31. Snowflake has a fifty-two week low of $138.40 and a fifty-two week high of $237.72. The company has a market cap of $52.19 billion, a P/E ratio of -55.77 and a beta of 0.90.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 15.54% and a negative net margin of 30.80%. The company had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. Equities research analysts forecast that Snowflake will post -1.83 EPS for the current year.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total value of $241,725.00. Following the sale, the executive vice president now owns 772,597 shares in the company, valued at approximately $124,504,006.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total transaction of $241,725.00. Following the sale, the executive vice president now directly owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark D. Mclaughlin bought 3,030 shares of Snowflake stock in a transaction on Wednesday, March 6th. The shares were acquired at an average price of $165.45 per share, for a total transaction of $501,313.50. Following the completion of the acquisition, the director now owns 11,687 shares in the company, valued at $1,933,614.15. The disclosure for this purchase can be found here. Insiders sold a total of 62,380 shares of company stock worth $9,803,625 over the last ninety days. Company insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SNOW. Vanguard Group Inc. boosted its stake in shares of Snowflake by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after buying an additional 297,428 shares during the period. Jennison Associates LLC raised its holdings in Snowflake by 3.7% in the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after acquiring an additional 249,249 shares in the last quarter. FMR LLC lifted its stake in Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after acquiring an additional 1,496,235 shares during the last quarter. Sands Capital Management LLC grew its holdings in Snowflake by 12.6% during the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after acquiring an additional 610,970 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Snowflake in the 4th quarter valued at approximately $838,455,000. 65.10% of the stock is owned by institutional investors and hedge funds.

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.