Snowflake (NYSE:SNOW) Earns "Sell (D-)" Rating from Weiss Ratings

Key Points

• Weiss Ratings has reiterated Snowflake's stock rating as "Sell (D-)", indicating a bearish outlook for investors.
• Despite the sell rating, multiple analysts have boosted their price targets for Snowflake, with estimates ranging from $250.00 to $280.00 and the average rating being a "Moderate Buy".
• Snowflake recently reported earnings of $0.35 per share, exceeding expectations, and has produced a revenue increase of 31.8% compared to last year.

Snowflake (NYSE:SNOW - Get Free Report)'s stock had its "sell (d-)" rating reiterated by analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

SNOW has been the topic of several other reports. Monness Crespi & Hardt lifted their price target on shares of Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Needham & Company LLC boosted their target price on Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Cantor Fitzgerald increased their target price on Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Rosenblatt Securities boosted their price target on Snowflake from $210.00 to $250.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Canaccord Genuity Group upped their target price on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and an average price target of $256.18.

Snowflake Stock Up 6.5%

NYSE SNOW traded up $15.34 during trading hours on Wednesday, reaching $250.15. 7,505,097 shares of the company's stock traded hands, compared to its average volume of 4,472,423. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The firm has a market cap of $84.75 billion, a PE ratio of -60.28 and a beta of 1.21. Snowflake has a 52-week low of $113.23 and a 52-week high of $251.81. The firm has a 50-day simple moving average of $217.35 and a 200 day simple moving average of $197.39.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm's quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.18 earnings per share. Sell-side analysts anticipate that Snowflake will post -2.36 EPS for the current fiscal year.

Insider Activity

In other news, CAO Emily Ho sold 1,658 shares of the business's stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total transaction of $373,464.50. Following the completion of the sale, the chief accounting officer owned 31,745 shares in the company, valued at approximately $7,150,561.25. The trade was a 4.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of the company's stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the transaction, the senior vice president directly owned 241,854 shares in the company, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,177,434 shares of company stock valued at $269,030,661 in the last three months. Corporate insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently added to or reduced their stakes in SNOW. Trust Co. of Toledo NA OH acquired a new position in Snowflake during the second quarter worth about $25,000. Avion Wealth grew its position in Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company's stock valued at $25,000 after acquiring an additional 49 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake during the first quarter worth $26,000. CVA Family Office LLC lifted its stake in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares during the period. Finally, Rossby Financial LCC grew its holdings in shares of Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company's stock worth $29,000 after buying an additional 127 shares in the last quarter. Institutional investors and hedge funds 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.

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