Rosenblatt Securities Reaffirms Buy Rating for Snowflake (NYSE:SNOW)

Key Points

• Rosenblatt Securities has reaffirmed its "buy" rating for Snowflake (NYSE:SNOW) with a target price of $250.00, indicating a potential upside of 4.08% from its current share price.
• Snowflake recently reported revenue of $1.14 billion for the last quarter, surpassing analysts' expectations and showcasing a year-over-year growth of 31.8%.
• Institutional investors and hedge funds hold approximately 65.10% of Snowflake's stock, with several firms making significant adjustments to their positions in the company.

Snowflake (NYSE:SNOW - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Rosenblatt Securities in a research note issued to investors on Friday,Benzinga reports. They presently have a $250.00 target price on the stock. Rosenblatt Securities' price target indicates a potential upside of 4.08% from the company's current price.

A number of other brokerages have also recently commented on SNOW. Wells Fargo & Company assumed coverage on Snowflake in a research report on Tuesday, September 30th. They set an "overweight" rating and a $275.00 price target on the stock. Jefferies Financial Group upped their price target on Snowflake from $250.00 to $270.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. BTIG Research upped their price target on Snowflake from $235.00 to $276.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Monness Crespi & Hardt upped their price target on Snowflake from $245.00 to $260.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Finally, Raymond James Financial boosted their price objective on Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Snowflake currently has an average rating of "Moderate Buy" and a consensus price target of $256.18.

Snowflake Stock Down 0.3%

SNOW stock opened at $240.20 on Friday. The stock's fifty day simple moving average is $221.40 and its two-hundred day simple moving average is $201.00. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake has a 1-year low of $113.23 and a 1-year high of $255.39. The stock has a market cap of $81.38 billion, a P/E ratio of -57.88 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter in the prior year, the firm earned $0.18 EPS. The business's revenue for the quarter was up 31.8% compared to the same quarter last year. Analysts expect that Snowflake will post -2.36 EPS for the current year.

Insider Activity at Snowflake

In other news, CAO Emily Ho sold 1,658 shares of the firm's stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total value of $373,464.50. Following the completion of the transaction, the chief accounting officer owned 31,745 shares in the company, valued at $7,150,561.25. This trade represents a 4.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $250.00, for a total value of $1,250,000.00. Following the completion of the transaction, the executive vice president owned 43,568 shares of the company's stock, valued at approximately $10,892,000. The trade was a 10.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,182,434 shares of company stock worth $270,280,661 over the last three months. Corporate insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SNOW. Trust Co. of Toledo NA OH purchased a new position in shares of Snowflake in the 2nd quarter valued at approximately $25,000. Avion Wealth increased its position in Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock valued at $25,000 after buying an additional 49 shares in the last quarter. Rossby Financial LCC increased its position in Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company's stock valued at $29,000 after buying an additional 127 shares in the last quarter. Golden State Wealth Management LLC increased its position in Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock valued at $31,000 after buying an additional 187 shares in the last quarter. Finally, Whittier Trust Co. increased its position in Snowflake by 149.1% during the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company's stock valued at $31,000 after buying an additional 82 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

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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