Snowflake (NYSE:SNOW) Trading Up 2.1% - Still a Buy?

Key Points

• Snowflake's stock rose by 2.1% during mid-day trading, reaching a price of $247.29, despite a significant decline in trading volume.
• Analysts have positively adjusted their target prices for Snowflake, with Mizuho raising it to $260.00 and Morgan Stanley to $272.00, indicating strong market confidence.
• The company reported a quarterly revenue of $1.14 billion, exceeding analysts' expectations, alongside a 31.8% year-over-year growth rate.

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s stock price traded up 2.1% during mid-day trading on Monday . The stock traded as high as $248.43 and last traded at $247.29. 2,911,067 shares were traded during mid-day trading, a decline of 45% from the average session volume of 5,303,254 shares. The stock had previously closed at $242.17.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Mizuho increased their target price on Snowflake from $235.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Morgan Stanley increased their target price on Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Citigroup reissued an "outperform" rating on shares of Snowflake in a research report on Thursday, August 28th. Guggenheim reissued a "neutral" rating on shares of Snowflake in a research report on Thursday, August 28th. Finally, JMP Securities reissued a "market outperform" rating and issued a $260.00 target price on shares of Snowflake in a research report on Tuesday, August 26th. 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 three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $256.18.

Snowflake Price Performance

The company has a market cap of $83.78 billion, a PE ratio of -59.59 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 firm has a 50 day moving average of $218.64 and a two-hundred day moving average of $199.11.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm's quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.18 EPS. Research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael L. Speiser sold 50,338 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $208.69, for a total value of $10,505,037.22. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 710,083 shares of the stock in a transaction 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 transaction, the director directly owned 165,507 shares in the company, 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. Over the last 90 days, insiders sold 1,182,434 shares of company stock valued at $270,280,661. Insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Snowflake by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company's stock valued at $6,218,515,000 after buying an additional 595,553 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in shares of Snowflake during the 2nd quarter valued at $3,900,134,000. Jennison Associates LLC lifted its holdings in shares of Snowflake by 20.5% during the 2nd quarter. Jennison Associates LLC now owns 8,000,667 shares of the company's stock valued at $1,790,309,000 after buying an additional 1,363,389 shares during the period. State Street Corp lifted its holdings in shares of Snowflake by 1.4% during the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company's stock valued at $1,541,120,000 after buying an additional 94,293 shares during the period. Finally, Artisan Partners Limited Partnership lifted its holdings in shares of Snowflake by 15.2% during the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company's stock valued at $1,108,045,000 after buying an additional 652,485 shares during the period. 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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