Snowflake Inc. (NYSE:SNOW) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Snowflake has a consensus analyst rating of "Moderate Buy" from 41 firms, with 34 buy ratings and an average 1-year price target of about $293.53.
• Several brokerages recently raised their price targets on Snowflake, including BTIG Research, Cantor Fitzgerald, Rosenblatt Securities, and Scotiabank, signaling continued optimism around the stock.
• Snowflake reported stronger-than-expected quarterly results, with EPS of $0.39 versus $0.32 expected and revenue of $1.39 billion, up 33.5% year over year.

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the forty-one ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-four have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $293.5263.

Several brokerages recently issued reports on SNOW. BTIG Research upped their price target on shares of Snowflake from $280.00 to $325.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Sanford C. Bernstein raised their price objective on shares of Snowflake from $195.00 to $250.00 and gave the company a "market perform" rating in a research report on Thursday, May 28th. Cantor Fitzgerald boosted their target price on shares of Snowflake from $225.00 to $282.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. Rosenblatt Securities upped their target price on shares of Snowflake from $275.00 to $285.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Finally, Scotiabank increased their price target on shares of Snowflake from $285.00 to $320.00 and gave the company a "sector outperform" rating in a research note on Monday, June 8th.

Snowflake Trading Up 0.0%

Shares of SNOW opened at $261.56 on Monday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $90.66 billion, a price-to-earnings ratio of -74.31 and a beta of 1.35. The stock has a fifty day moving average price of $214.78 and a two-hundred day moving average price of $191.74. Snowflake has a 52-week low of $118.30 and a 52-week high of $284.99.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The company had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.32 billion. During the same quarter in the prior year, the business earned $0.24 earnings per share. The business's revenue for the quarter was up 33.5% on a year-over-year basis. Analysts predict that Snowflake will post -1.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $141.60, for a total value of $7,127,860.80. Following the transaction, the director directly owned 28,556 shares in the company, valued at approximately $4,043,529.60. This trade represents a 63.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of Snowflake stock in a transaction on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the sale, the director directly owned 8,801 shares of the company's stock, valued at $2,200,250. This trade represents a 91.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,802,015 shares of company stock worth $421,739,629 in the last quarter. Insiders own 4.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

Several hedge funds have recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. bought a new stake in Snowflake during the 4th quarter worth about $28,000. Greenline Wealth Management LLC bought a new position in shares of Snowflake in the 4th quarter valued at about $29,000. GoalVest Advisory LLC boosted its stake in shares of Snowflake by 221.4% in the 4th quarter. GoalVest Advisory LLC now owns 135 shares of the company's stock valued at $30,000 after purchasing an additional 93 shares during the last quarter. Physician Wealth Advisors Inc. grew its position in shares of Snowflake by 56.0% during the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after buying an additional 51 shares during the period. Finally, MV Capital Management Inc. acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $32,000. Institutional investors own 65.10% of the company's stock.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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