Snowflake (NYSE:SNOW) Trading Up 1.9% - Here's Why

Key Points

• Snowflake's stock rose by 1.9% to close at $257.84, with a trading volume of approximately 5.16 million shares, down from its average daily volume.
• Analysts have set new price targets for Snowflake, with BTIG Research raising its target from $235.00 to $276.00, while overall ratings show 36 buy ratings and a consensus target price of $257.24.
• The company's latest earnings report indicated a revenue of $1.14 billion, exceeding expectations, and earnings per share of $0.35, beating the estimated $0.27.

Snowflake Inc. (NYSE:SNOW - Get Free Report) was up 1.9% on Friday . The company traded as high as $259.75 and last traded at $257.84. Approximately 5,157,905 shares traded hands during trading, a decline of 2% from the average daily volume of 5,241,237 shares. The stock had previously closed at $252.99.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SNOW shares. BTIG Research lifted their target price on shares of Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Barclays lifted their price target on shares of Snowflake from $219.00 to $255.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research note on Thursday, August 28th. JMP Securities reaffirmed a "market outperform" rating and issued a $260.00 price target on shares of Snowflake in a research note on Tuesday, August 26th. Finally, Raymond James Financial lifted their price target on shares of Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Snowflake currently has an average rating of "Moderate Buy" and a consensus target price of $257.24.

Snowflake Stock Performance

The firm has a market cap of $87.36 billion, a P/E ratio of -62.13 and a beta of 1.21. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The company's 50-day moving average is $226.60 and its two-hundred day moving average is $204.62.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share 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 for the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter last year, the firm earned $0.18 EPS. The firm's revenue for the quarter was up 31.8% compared to the same quarter last year. As a group, equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $208.69, for a total value of $10,505,037.22. Following the completion of the sale, the director directly owned 36,116 shares of the company's stock, valued at approximately $7,537,048.04. This represents a 58.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frank Slootman sold 710,083 shares of the company's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the sale, the director directly owned 165,507 shares of the company's stock, valued at $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,182,434 shares of company stock worth $270,280,661 in the last quarter. 6.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Snowflake

Institutional investors have recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH bought a new stake in Snowflake in the 2nd quarter worth about $25,000. Avion Wealth grew its position in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after purchasing an additional 49 shares in the last quarter. Tripletail Wealth Management LLC bought a new stake in Snowflake in the 3rd quarter worth about $28,000. Rossby Financial LCC grew its position in Snowflake by 4,233.3% in the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company's stock worth $29,000 after purchasing an additional 127 shares in the last quarter. Finally, SJS Investment Consulting Inc. boosted its stake in Snowflake by 4,333.3% in the third quarter. SJS Investment Consulting Inc. now owns 133 shares of the company's stock valued at $30,000 after acquiring an additional 130 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

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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