Snowflake (NYSE:SNOW) Trading 4.3% Higher - Here's Why

Key Points

• Snowflake Inc. shares increased by 4.3% during mid-day trading, reaching a recent high of $241.12 after closing at $230.55.
• Analysts maintain a Moderate Buy rating for Snowflake, with a consensus target price of $255.53 and recent increases in target prices from multiple firms.
• In the last quarter, Snowflake reported earnings of $0.35 per share and a revenue of $1.14 billion, exceeding analyst expectations and demonstrating a 31.8% year-over-year growth.

Snowflake Inc. (NYSE:SNOW - Get Free Report) shares were up 4.3% during mid-day trading on Thursday . The stock traded as high as $241.12 and last traded at $240.51. Approximately 6,609,860 shares changed hands during mid-day trading, an increase of 25% from the average daily volume of 5,308,390 shares. The stock had previously closed at $230.55.

Wall Street Analysts Forecast Growth

SNOW has been the subject of a number of analyst reports. CICC Research began coverage on Snowflake in a research note on Friday, June 20th. They set an "outperform" rating and a $225.00 price objective for the company. Guggenheim reaffirmed a "neutral" rating on shares of Snowflake in a research report on Thursday, August 28th. Raymond James Financial lifted their price objective on Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. BTIG Research lifted their target price on Snowflake from $235.00 to $276.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Finally, Wedbush lifted their target price on Snowflake from $230.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Stock Up 4.3%

The firm has a market capitalization of $81.48 billion, a price-to-earnings ratio of -57.95 and a beta of 1.21. The business has a fifty day moving average price of $215.11 and a two-hundred day moving average price of $194.48. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48.

Snowflake (NYSE:SNOW - Get Free Report) last issued 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 company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.Snowflake's quarterly revenue was up 31.8% compared to the same quarter last year. During the same period last year, the company earned $0.18 earnings per share. On average, equities analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, CAO Emily Ho sold 1,658 shares of Snowflake stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total value of $373,464.50. Following the sale, the chief accounting officer owned 31,745 shares in the company, valued at $7,150,561.25. The trade was a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 2,611 shares of the business's stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $230.48, for a total value of $601,783.28. Following the completion of the sale, the executive vice president owned 542,450 shares in the company, valued at $125,023,876. This represents a 0.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,579,829 shares of company stock worth $358,117,551 over the last ninety days. Company insiders own 6.80% of the company's stock.

Institutional Trading of Snowflake

A number of large investors have recently made changes to their positions in SNOW. Trust Co. of Toledo NA OH acquired a new stake in shares of Snowflake in the 2nd quarter valued at approximately $25,000. Avion Wealth increased its stake 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 purchasing an additional 49 shares in the last quarter. Rossby Financial LCC raised its holdings in shares of Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company's stock worth $29,000 after acquiring an additional 127 shares during the last quarter. Whittier Trust Co. lifted its position in shares of Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company's stock valued at $31,000 after acquiring an additional 82 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its position in shares of Snowflake by 417.2% in the second quarter. Golden State Wealth Management LLC now owns 150 shares of the company's stock valued at $34,000 after acquiring an additional 121 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

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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