Snowflake (NYSE:SNOW) Upgraded by UBS Group to "Buy" Rating

UBS Group upgraded shares of Snowflake (NYSE:SNOW - Free Report) from a neutral rating to a buy rating in a research report sent to investors on Wednesday morning, Marketbeat reports. They currently have $265.00 price objective on the stock, up from their prior price objective of $210.00.

Several other research analysts also recently commented on SNOW. BTIG Research reissued a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Cowen restated a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Morgan Stanley reaffirmed an "equal weight" rating on shares of Snowflake in a research note on Thursday, May 22nd. Oppenheimer reiterated an "outperform" rating and set a $225.00 target price (up from $210.00) on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Loop Capital set a $220.00 price target on shares of Snowflake and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and an average price target of $221.28.

Snowflake Stock Performance

SNOW traded up $0.39 during midday trading on Wednesday, hitting $209.99. 5,229,333 shares of the company traded hands, compared to its average volume of 6,404,525. The company's 50-day moving average is $166.87 and its 200 day moving average is $168.02. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $70.11 billion, a PE ratio of -61.94 and a beta of 1.21. Snowflake has a 52 week low of $107.13 and a 52 week high of $214.83.

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

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 570,632 shares of the company's stock, valued at approximately $117,361,883.44. The trade was a 1.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the transaction, the chief financial officer now directly owns 292,610 shares of the company's stock, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 849,779 shares of company stock worth $159,318,643. 6.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Snowflake

A number of hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in Snowflake in the fourth quarter valued at approximately $988,950,000. GQG Partners LLC purchased a new stake in shares of Snowflake during the 4th quarter worth $750,572,000. Nuveen LLC acquired a new position in shares of Snowflake during the first quarter worth $555,847,000. FMR LLC grew its stake in shares of Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after purchasing an additional 2,805,425 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Snowflake by 346.2% in the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock valued at $456,430,000 after buying an additional 2,460,769 shares during 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.