Stephens Initiates Coverage on Snowflake (NYSE:SNOW)

Analysts at Stephens assumed coverage on shares of Snowflake (NYSE:SNOW - Get Free Report) in a report issued on Friday, MarketBeat.com reports. The firm set an "overweight" rating and a $261.00 price target on the stock. Stephens' target price would indicate a potential upside of 20.42% from the stock's previous close.

A number of other equities research analysts have also commented on SNOW. Scotiabank reaffirmed an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Evercore ISI restated a "buy" rating on shares of Snowflake in a report on Wednesday, June 4th. Daiwa America upgraded Snowflake to a "strong-buy" rating in a research note on Tuesday, April 1st. Royal Bank Of Canada increased their target price on shares of Snowflake from $236.00 to $250.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Finally, Loop Capital increased their price target on shares of Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $226.73.

Snowflake Stock Performance

Snowflake stock traded up $5.16 during trading hours on Friday, hitting $216.74. The company had a trading volume of 3,383,192 shares, compared to its average volume of 5,966,638. Snowflake has a one year low of $107.13 and a one year high of $226.60. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a 50-day moving average of $207.75 and a 200 day moving average of $178.89. The firm has a market cap of $72.36 billion, a PE ratio of -51.48 and a beta of 1.22.

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

Insider Activity at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $221.47, for a total transaction of $89,252.41. Following the sale, the director owned 26,539 shares in the company, valued at $5,877,592.33. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Teresa Briggs sold 1,146 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the transaction, the director owned 4,474 shares of the company's stock, valued at $974,168.76. This represents a 20.39% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,718,258 shares of company stock worth $589,762,906. 6.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNOW. Brighton Jones LLC grew its position in shares of Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Natixis Advisors LLC bought a new position in shares of Snowflake during the fourth quarter valued at approximately $1,837,000. Envestnet Portfolio Solutions Inc. grew its stake in shares of Snowflake by 11.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 9,255 shares of the company's stock valued at $1,429,000 after buying an additional 949 shares during the last quarter. Corient Private Wealth LLC grew its stake in shares of Snowflake by 7.0% during the fourth quarter. Corient Private Wealth LLC now owns 17,891 shares of the company's stock valued at $2,763,000 after buying an additional 1,165 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV grew its position in Snowflake by 79.5% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 359 shares of the company's stock valued at $55,000 after acquiring an additional 159 shares during the last quarter. 65.10% of the stock is 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.