Snowflake Inc. (NYSE:SNOW) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Snowflake Inc. has received a consensus rating of "Moderate Buy" from 44 ratings firms, with an average 1-year target price of approximately $255.53.
• Mizuho and Canaccord Genuity Group are among the analysts who raised their price targets for Snowflake to as high as $280, indicating growing confidence in the company's performance.
• Insider Frank Slootman recently sold over 710,000 shares of Snowflake stock, representing an 81.1% reduction in his ownership, which raised concerns about insider sentiment.

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the forty-four ratings firms that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation, thirty-six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $255.5263.

A number of research analysts recently weighed in on the company. Mizuho raised their price objective on Snowflake from $235.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Canaccord Genuity Group lifted their price target on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Evercore ISI lifted their price target on Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Scotiabank lifted their price target on Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Finally, Royal Bank Of Canada lifted their price target on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director directly owned 165,507 shares of the company's stock, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 3,214,120 shares of company stock valued at $717,676,398. Insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Trust Co. of Toledo NA OH acquired a new stake in shares of Snowflake during the 2nd quarter worth approximately $25,000. Avion Wealth grew its holdings in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after purchasing an additional 49 shares in the last quarter. Rossby Financial LCC grew its holdings in shares of Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company's stock worth $29,000 after purchasing an additional 127 shares in the last quarter. Whittier Trust Co. grew its holdings in shares of Snowflake by 149.1% during the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company's stock worth $31,000 after purchasing an additional 82 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its holdings in shares of Snowflake by 417.2% during the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company's stock worth $34,000 after purchasing an additional 121 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Snowflake Stock Up 2.0%

Shares of SNOW stock opened at $225.51 on Tuesday. The stock's 50 day simple moving average is $212.83 and its 200 day simple moving average is $189.54. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake has a twelve month low of $108.71 and a twelve month high of $249.99. The company has a market capitalization of $76.40 billion, a price-to-earnings ratio of -54.34 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share 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 business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the business earned $0.18 EPS. The firm's revenue was up 31.8% compared to the same quarter last year. As a group, research analysts predict that Snowflake will post -2.36 EPS for the current year.

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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