Snowflake (NYSE:SNOW) Trading 2.2% Higher - Time to Buy?

Key Points

• Snowflake Inc. shares traded up 2.2% to $230.45, with 4.67 million shares changing hands, representing a 12% decline from its average session volume.
• Recent analyst ratings show strong support, with a consensus rating of "Moderate Buy" and target prices ranging from $235 to $280.
• Snowflake reported $1.14 billion in quarterly revenue, a 31.8% increase year-over-year, and beat earnings expectations by $0.08 per share, although it posted a negative net margin of 33.53%.

Snowflake Inc. (NYSE:SNOW - Get Free Report) traded up 2.2% on Wednesday . The company traded as high as $231.86 and last traded at $230.45. 4,670,556 shares traded hands during trading, a decline of 12% from the average session volume of 5,296,611 shares. The stock had previously closed at $225.55.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Macquarie lifted their price objective on Snowflake from $210.00 to $235.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Cowen reissued a "buy" rating on shares of Snowflake in a report on Thursday, August 28th. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Cantor Fitzgerald upped their target price on shares of Snowflake from $242.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Finally, Evercore ISI upped their target price on shares of Snowflake from $240.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Price Performance

The firm has a market capitalization of $78.08 billion, a price-to-earnings ratio of -55.53 and a beta of 1.22. The company's 50 day moving average is $214.75 and its 200-day moving average is $194.23. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW - Get Free Report) last issued 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. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the business posted $0.18 EPS. Snowflake's revenue was up 31.8% on a year-over-year basis. Equities research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $224.84, for a total value of $90,610.52. Following the transaction, the director directly owned 25,733 shares of the company's stock, valued at $5,785,807.72. This represents a 1.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Emily Ho sold 1,658 shares of the stock in a transaction dated 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 transaction, the chief accounting officer directly owned 31,745 shares in the company, valued at approximately $7,150,561.25. This represents a 4.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,759,924 shares of company stock valued at $397,943,442. Company insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Trust Co. of Toledo NA OH bought a new position in Snowflake in the 2nd quarter valued at about $25,000. Avion Wealth raised its holdings in Snowflake by 76.6% in the 2nd 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. Rossby Financial LCC raised its holdings in Snowflake by 4,233.3% in the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company's stock valued at $29,000 after acquiring an additional 127 shares during the period. Whittier Trust Co. raised its holdings in Snowflake by 149.1% in the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company's stock valued at $31,000 after acquiring an additional 82 shares during the period. Finally, Golden State Wealth Management LLC increased its holdings in shares of Snowflake by 417.2% during the second quarter. Golden State Wealth Management LLC now owns 150 shares of the company's stock worth $34,000 after purchasing an additional 121 shares during the period. 65.10% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.