Snowflake (NYSE:SNOW) Stock Rating Reaffirmed as Buy by Needham & Company LLC

Snowflake (NYSE:SNOW - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Monday, Benzinga reports. They currently have a $450.00 target price on the stock. Needham & Company LLC's price objective indicates a potential upside of 22.17% from the company's current price.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company raised their price objective on Snowflake from $500.00 to $525.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Guggenheim reiterated a "neutral" rating on shares of Snowflake in a research note on Thursday, September 3rd. Morgan Stanley increased their target price on shares of Snowflake from $300.00 to $470.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. Piper Sandler reiterated an "overweight" rating and issued a $450.00 target price (up from $320.00) on shares of Snowflake in a report on Thursday, September 3rd. Finally, Argus raised their price target on shares of Snowflake from $300.00 to $450.00 and gave the company a "buy" rating in a research report on Friday, September 4th. One research analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $414.24.

Snowflake Stock Down 0.1%

SNOW stock opened at $368.35 on Monday. Snowflake has a twelve month low of $118.30 and a twelve month high of $384.56. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06. The stock's 50 day moving average is $331.21 and its 200-day moving average is $249.26. The firm has a market capitalization of $129.95 billion, a PE ratio of -115.83 and a beta of 1.35.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The company had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.48 billion. During the same quarter in the previous year, the firm earned $0.35 earnings per share. Snowflake's quarterly revenue was up 35.1% on a year-over-year basis. Sell-side analysts expect that Snowflake will post -1.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Jonathan Beaulier sold 755 shares of the company's stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $336.36, for a total transaction of $253,951.80. Following the transaction, the executive owned 211,619 shares of the company's stock, valued at $71,180,166.84. This represents a 0.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $341.57, for a total value of $5,123,550.00. Following the transaction, the executive vice president owned 313,738 shares of the company's stock, valued at $107,163,488.66. The trade was a 4.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 1,246,429 shares of company stock valued at $396,227,952. Company insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Snowflake

Large investors have recently added to or reduced their stakes in the company. Mirador Capital Partners LP increased its stake in shares of Snowflake by 1.5% in the third quarter. Mirador Capital Partners LP now owns 30,299 shares of the company's stock worth $10,288,000 after purchasing an additional 434 shares in the last quarter. Capital Advisors Wealth Management LLC bought a new stake in shares of Snowflake in the third quarter valued at approximately $239,000. GK Wealth Management LLC purchased a new stake in shares of Snowflake during the 3rd quarter valued at approximately $41,000. Balefire LLC purchased a new stake in shares of Snowflake during the 3rd quarter valued at approximately $220,000. Finally, Riversedge Advisors LLC lifted its stake in shares of Snowflake by 6.1% during the 3rd quarter. Riversedge Advisors LLC now owns 2,483 shares of the company's stock valued at $843,000 after buying an additional 142 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Company Profile

Snowflake Inc NYSE: SNOW provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake's services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.