Snowflake's (SNOW) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Snowflake (NYSE:SNOW - Free Report) in a research note published on Thursday,Benzinga reports. They currently have a $230.00 price objective on the stock.

A number of other research analysts have also commented on SNOW. Wolfe Research upgraded Snowflake from a "peer perform" rating to an "outperform" rating and set a $235.00 target price for the company in a research note on Tuesday, February 18th. Oppenheimer restated an "outperform" rating and issued a $225.00 target price (up from $210.00) on shares of Snowflake in a research note on Thursday, May 22nd. BTIG Research restated a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. Wall Street Zen upgraded Snowflake from a "sell" rating to a "hold" rating in a research note on Friday, February 28th. Finally, Evercore ISI reiterated a "buy" rating on shares of Snowflake in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $221.28.

Snowflake Stock Performance

Shares of NYSE SNOW traded up $0.39 during trading hours on Thursday, reaching $209.99. The stock had a trading volume of 5,229,333 shares, compared to its average volume of 6,366,464. The business's fifty day moving average is $166.87 and its two-hundred day moving average is $168.02. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The company has a market cap of $70.11 billion, a price-to-earnings ratio of -61.94 and a beta of 1.21. Snowflake has a twelve month low of $107.13 and a twelve month high of $214.83.

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 analysts' consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. Snowflake's revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 earnings per share. As a group, research analysts expect that Snowflake will post -2.36 EPS for the current year.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,783 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total transaction of $262,528.92. Following the transaction, the director now owns 192,511 shares in the company, valued at approximately $28,345,319.64. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $205.67, for a total value of $2,056,700.00. Following the transaction, the executive vice president now owns 570,632 shares in the company, valued at approximately $117,361,883.44. This trade represents a 1.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 849,779 shares of company stock worth $159,318,643 over the last 90 days. Insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP raised its position in shares of Snowflake by 9.8% during the fourth quarter. Quarry LP now owns 662 shares of the company's stock worth $102,000 after purchasing an additional 59 shares during the period. Ignite Planners LLC raised its position in shares of Snowflake by 2.3% during the first quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock worth $418,000 after purchasing an additional 64 shares during the period. Gabelli Funds LLC raised its position in shares of Snowflake by 3.3% during the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock worth $317,000 after purchasing an additional 65 shares during the period. Archford Capital Strategies LLC raised its position in shares of Snowflake by 1.9% during the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock worth $527,000 after purchasing an additional 68 shares during the period. Finally, TD Private Client Wealth LLC raised its position in shares of Snowflake by 8.9% during the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock worth $122,000 after purchasing an additional 68 shares during the period. Institutional investors own 65.10% of the company's stock.

Snowflake Company Profile

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.