Snowflake (NYSE:SNOW) Trading Up 2.3% - Should You Buy?

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) rose 2.3% during mid-day trading on Thursday . The stock traded as high as $222.31 and last traded at $222.40. Approximately 921,841 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 6,036,365 shares. The stock had previously closed at $217.34.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Loop Capital raised their target price on Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Daiwa Capital Markets began coverage on shares of Snowflake in a research note on Tuesday, April 1st. They issued a "buy" rating and a $210.00 price objective for the company. Robert W. Baird upped their target price on shares of Snowflake from $200.00 to $215.00 and gave the stock an "outperform" rating in a research note on Thursday, May 22nd. Piper Sandler restated an "overweight" rating and issued a $215.00 price objective (up from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Finally, Royal Bank Of Canada raised their price target on Snowflake from $236.00 to $250.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $225.36.

Snowflake Stock Up 1.7%

The firm has a 50-day moving average of $195.35 and a two-hundred day moving average of $174.42. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $73.76 billion, a PE ratio of -52.48 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same period in the previous year, the company posted $0.14 earnings per share. Snowflake's revenue was up 25.8% compared to the same quarter last year. On average, equities research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Transactions at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $211.35, for a total transaction of $10,638,936.30. Following the sale, the director directly owned 37,796 shares in the company, valued at $7,988,184.60. The trade was a 57.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeremy Burton sold 20,789 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $200.00, for a total transaction of $4,157,800.00. Following the sale, the director directly owned 7,428 shares of the company's stock, valued at $1,485,600. The trade was a 73.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,875,814 shares of company stock worth $403,367,676 over the last 90 days. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

Several hedge funds and other institutional investors have recently bought and sold shares of SNOW. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake in the 1st quarter valued at approximately $26,000. CVA Family Office LLC boosted its holdings in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares during the period. West Paces Advisors Inc. bought a new stake in Snowflake during the fourth quarter valued at $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Snowflake during the fourth quarter worth $31,000. Finally, Capital A Wealth Management LLC bought a new position in shares of Snowflake in the 4th quarter worth about $31,000. 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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