Snowflake's (SNOW) "Buy" Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Snowflake (NYSE:SNOW - Free Report) in a research note issued to investors on Monday,Benzinga reports. Rosenblatt Securities currently has a $205.00 target price on the stock.

Other equities research analysts also recently issued reports about the stock. Wolfe Research upgraded shares of Snowflake from a "peer perform" rating to an "outperform" rating and set a $235.00 price target for the company in a report on Tuesday, February 18th. Canaccord Genuity Group raised their target price on shares of Snowflake from $190.00 to $220.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Needham & Company LLC raised their target price on shares of Snowflake from $200.00 to $215.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. Royal Bank of Canada raised their target price on shares of Snowflake from $210.00 to $221.00 and gave the stock an "outperform" rating in a research report on Thursday, February 27th. Finally, Guggenheim reissued a "neutral" rating on shares of Snowflake in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-one have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $217.33.

Snowflake Trading Down 1.6%

Shares of NYSE SNOW traded down $3.19 during midday trading on Monday, reaching $199.99. 11,901,781 shares of the stock were exchanged, compared to its average volume of 6,472,348. The company has a market capitalization of $66.02 billion, a P/E ratio of -58.99 and a beta of 1.11. Snowflake has a 52-week low of $107.13 and a 52-week high of $205.40. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a 50 day moving average price of $159.20 and a 200-day moving average price of $163.56.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The company's quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 earnings per share. Equities research analysts expect that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, CFO Michael Scarpelli sold 300,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares in the company, valued at approximately $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $168.01, for a total transaction of $67,708.03. Following the transaction, the director now owns 25,972 shares of the company's stock, valued at $4,363,555.72. This represents a 1.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 356,963 shares of company stock worth $58,204,058 over the last 90 days. Insiders own 7.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently modified their holdings of the company. Prospect Financial Services LLC bought a new position in shares of Snowflake during the fourth quarter worth about $288,000. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Snowflake by 1.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company's stock worth $104,028,000 after acquiring an additional 8,857 shares during the last quarter. Bourgeon Capital Management LLC bought a new position in shares of Snowflake during the fourth quarter worth about $5,851,000. Stephens Consulting LLC lifted its holdings in Snowflake by 7,407.4% in the fourth quarter. Stephens Consulting LLC now owns 2,027 shares of the company's stock worth $313,000 after purchasing an additional 2,000 shares during the period. Finally, Kirtland Hills Capital Management LLC lifted its holdings in Snowflake by 40.1% in the fourth quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company's stock worth $2,458,000 after purchasing an additional 4,559 shares during the period. 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.