Snowflake (NYSE:SNOW) Stock Price Up 1.4% - Here's Why

Key Points

• Snowflake's stock price rose 1.4% to close at $224.64, with a trading volume that was 43% lower than its average session volume.
• Analysts have set various target prices with a consensus average of $255.53, while Snowflake received ratings ranging from "Strong Buy" to "Sell" from 44 analysts.
• In the latest quarter, Snowflake reported earnings of $0.35 EPS, exceeding consensus estimates, and achieved a revenue growth of 31.8% year-over-year.

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s stock price traded up 1.4% on Friday . The company traded as high as $225.97 and last traded at $224.64. 3,009,362 shares were traded during trading, a decline of 43% from the average session volume of 5,319,759 shares. The stock had previously closed at $221.60.

Analysts Set New Price Targets

SNOW has been the topic of several analyst reports. JMP Securities reiterated a "market outperform" rating and issued a $260.00 target price on shares of Snowflake in a research note on Tuesday, August 26th. Morgan Stanley upped their price objective on Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Raymond James Financial increased their target price on Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Sanford C. Bernstein upped their price target on Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. Finally, Citigroup reiterated an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Price Performance

The firm's fifty day simple moving average is $214.13 and its two-hundred day simple moving average is $192.43. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a market cap of $76.11 billion, a PE ratio of -54.13 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company's revenue was up 31.8% on a year-over-year basis. During the same period last year, the firm earned $0.18 EPS. As a group, research analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Transactions at Snowflake

In related news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $221.47, for a total transaction of $11,148,356.86. Following the completion of the sale, the director owned 36,956 shares in the company, valued at approximately $8,184,645.32. This trade represents a 57.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the sale, the director directly owned 165,507 shares in the company, valued at $38,144,398.29. This trade represents a 81.10% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,467,638 shares of company stock valued at $552,997,570. Corporate insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

Several hedge funds have recently modified their holdings of the stock. Trust Co. of Toledo NA OH bought a new stake in Snowflake in the 2nd quarter valued at $25,000. Avion Wealth increased its holdings in shares of Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after purchasing an additional 49 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Snowflake in the first quarter worth about $26,000. CVA Family Office LLC boosted its stake in 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. Finally, Rossby Financial LCC boosted its stake in Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company's stock valued at $29,000 after buying an additional 127 shares during the last quarter. Hedge funds and other 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.

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