Snowflake (NYSE:SNOW) Sets New 52-Week High - Here's Why

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $225.86 and last traded at $225.71, with a volume of 3966392 shares changing hands. The stock had previously closed at $221.49.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SNOW. Cantor Fitzgerald lifted their price target on Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Daiwa Capital Markets initiated coverage on Snowflake in a report on Tuesday, April 1st. They issued a "buy" rating and a $210.00 price objective for the company. JMP Securities reiterated a "market outperform" rating and issued a $245.00 price objective on shares of Snowflake in a report on Wednesday, June 4th. Cowen reiterated a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Finally, Macquarie upped their price objective on Snowflake from $190.00 to $210.00 and gave the stock a "neutral" rating in a report on Wednesday, June 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $225.36.

Snowflake Trading Down 1.0%

The firm has a 50 day simple moving average of $199.19 and a 200 day simple moving average of $175.68. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $74.61 billion, a PE ratio of -53.08 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 business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company's revenue was up 25.8% compared to the same quarter last year. During the same period last year, the business posted $0.14 EPS. Equities analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 178,949 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $221.16, for a total transaction of $39,576,360.84. Following the sale, the director directly owned 165,507 shares of the company's stock, valued at $36,603,528.12. This trade represents a 51.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $221.47, for a total value of $89,252.41. Following the completion of the transaction, the director owned 26,539 shares in the company, valued at $5,877,592.33. The trade was a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,294,062 shares of company stock worth $495,050,427. Company insiders own 6.80% of the company's stock.

Institutional Investors Weigh In On Snowflake

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC bought a new position in shares of Snowflake during the first quarter valued at approximately $26,000. CVA Family Office LLC grew its stake in shares of Snowflake by 80.0% during 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 last quarter. West Paces Advisors Inc. bought a new position in shares of Snowflake during the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC bought a new position in shares of Snowflake during the fourth quarter valued at approximately $31,000. Finally, Capital A Wealth Management LLC bought a new position in shares of Snowflake during the fourth quarter valued at approximately $31,000. 65.10% of the stock is currently 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.