Oppenheimer Reaffirms Outperform Rating for Snowflake (NYSE:SNOW)

Oppenheimer reaffirmed their outperform rating on shares of Snowflake (NYSE:SNOW) in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has a $220.00 price objective on the stock.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price target on shares of Snowflake from $170.00 to $185.00 and gave the stock an overweight rating in a research report on Thursday. Monness Crespi & Hardt raised Snowflake from a sell rating to a neutral rating in a report on Monday, March 18th. Bank of America reduced their price objective on Snowflake from $212.00 to $200.00 and set a neutral rating on the stock in a research report on Wednesday, May 15th. Redburn Atlantic reaffirmed a sell rating and issued a $125.00 target price (down from $180.00) on shares of Snowflake in a research note on Tuesday, March 19th. Finally, Evercore ISI reduced their price target on Snowflake from $250.00 to $225.00 and set an outperform rating on the stock in a report on Thursday, February 29th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $200.64.

Snowflake Trading Up 1.0 %

NYSE SNOW opened at $156.16 on Thursday. The stock has a market capitalization of $52.19 billion, a price-to-earnings ratio of -55.77 and a beta of 0.90. The stock has a 50-day moving average of $157.03 and a 200 day moving average of $180.46. Snowflake has a twelve month low of $138.40 and a twelve month high of $237.72.

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

Insider Transactions at Snowflake

In other news, insider Benoit Dageville sold 689 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $111,218.38. Following the sale, the insider now owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $161.94, for a total value of $242,910.00. Following the transaction, the executive vice president now directly owns 772,291 shares of the company’s stock, valued at approximately $125,064,804.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benoit Dageville sold 689 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $111,218.38. Following the sale, the insider now owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,380 shares of company stock valued at $9,803,625. 8.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Snowflake during the fourth quarter worth about $838,455,000. Swedbank AB purchased a new position in shares of Snowflake in the 1st quarter valued at approximately $258,957,000. Vanguard Group Inc. increased its holdings in shares of Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after purchasing an additional 1,559,830 shares during the period. FMR LLC raised its stake in shares of Snowflake by 32.1% during the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after purchasing an additional 1,496,235 shares during the last quarter. Finally, Winslow Capital Management LLC acquired a new stake in shares of Snowflake during the third quarter worth $226,302,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.