Morgan Stanley Initiates Coverage on Snowflake (NYSE:SNOW)

Equities researchers at Morgan Stanley began coverage on shares of Snowflake (NYSE:SNOW - Get Free Report) in a research report issued on Tuesday. The brokerage set an "overweight" rating and a $262.00 price target on the stock. Morgan Stanley's price objective would suggest a potential upside of 22.58% from the stock's previous close.

Several other analysts also recently issued reports on the company. Piper Sandler reissued an "overweight" rating and set a $215.00 target price (up previously from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. Wall Street Zen upgraded shares of Snowflake from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Daiwa Capital Markets started coverage on shares of Snowflake in a report on Tuesday, April 1st. They issued a "buy" rating and a $210.00 target price on the stock. Stifel Nicolaus raised their target price on shares of Snowflake from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Finally, UBS Group upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and lifted their price target for the company from $210.00 to $265.00 in a report on Wednesday, June 4th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $225.22.

Snowflake Stock Performance

Shares of SNOW opened at $213.74 on Tuesday. The business has a 50-day simple moving average of $184.50 and a two-hundred day simple moving average of $172.08. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake has a 52 week low of $107.13 and a 52 week high of $219.25. The stock has a market cap of $71.36 billion, a price-to-earnings ratio of -50.77 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm's quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.14 EPS. On average, analysts expect that Snowflake will post -2.36 EPS for the current year.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $168.00, for a total value of $1,680,000.00. Following the completion of the transaction, the executive vice president now owns 580,632 shares of the company's stock, valued at $97,546,176. The trade was a 1.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $129.25, for a total value of $52,087.75. Following the sale, the director now owns 26,375 shares of the company's stock, valued at approximately $3,408,968.75. This represents a 1.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 594,638 shares of company stock valued at $121,002,038 in the last ninety days. Corporate insiders own 6.80% of the company's stock.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently made changes to their positions in the stock. Quarry LP grew its stake in Snowflake by 9.8% in the fourth quarter. Quarry LP now owns 662 shares of the company's stock valued at $102,000 after purchasing an additional 59 shares during the last quarter. Ignite Planners LLC grew its position in shares of Snowflake by 2.3% in the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock worth $418,000 after buying an additional 64 shares during the last quarter. Gabelli Funds LLC raised its stake in shares of Snowflake by 3.3% during the 4th quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock worth $317,000 after acquiring an additional 65 shares in the last quarter. Archford Capital Strategies LLC lifted its position in Snowflake by 1.9% during the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after acquiring an additional 68 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in Snowflake by 8.9% in the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after acquiring an additional 68 shares in the last quarter. 65.10% of the stock is currently 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.

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