Snowflake (NYSE:SNOW) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Snowflake (NYSE:SNOW) issued its earnings results on Wednesday. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04, FiscalAI reports. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm’s revenue for the quarter was up 28.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 earnings per share.

Snowflake Trading Up 2.2%

Shares of SNOW opened at $265.34 on Thursday. Snowflake has a one year low of $120.10 and a one year high of $280.67. The stock has a 50-day moving average price of $250.99 and a 200 day moving average price of $225.85. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market capitalization of $89.90 billion, a P/E ratio of -63.94 and a beta of 1.09.

Analysts Set New Price Targets

Several research firms have recently weighed in on SNOW. Truist Financial lifted their price objective on Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Citigroup restated a “market outperform” rating on shares of Snowflake in a report on Thursday. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a research note on Wednesday, November 26th. Macquarie increased their price objective on shares of Snowflake from $210.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, August 28th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Snowflake in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $271.00.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $223.88, for a total transaction of $2,238,800.00. Following the completion of the transaction, the executive vice president directly owned 532,450 shares in the company, valued at approximately $119,204,906. This represents a 1.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $224.85, for a total transaction of $11,318,499.30. Following the sale, the director directly owned 35,276 shares of the company’s stock, valued at $7,931,808.60. The trade was a 58.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 221,305 shares of company stock valued at $53,086,099. Company insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of institutional investors have recently modified their holdings of the stock. Brighton Jones LLC grew its stake in Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Intech Investment Management LLC raised its stake in Snowflake by 24.0% during the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock valued at $1,637,000 after buying an additional 2,167 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock worth $47,000 after buying an additional 73 shares during the last quarter. Flow Traders U.S. LLC acquired a new position in shares of Snowflake in the 2nd quarter worth approximately $221,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Snowflake by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock valued at $5,055,000 after acquiring an additional 1,521 shares during the last quarter. Institutional investors and hedge funds 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.