Snowflake (NYSE:SNOW) Trading Up 3.2% - Here's Why

Key Points

• Snowflake's stock price rose by 3.2% to $242.73 on Monday, with less trading volume than average.
• Analysts have issued multiple upgrades, with BTIG raising its price target from $235 to $276, while Needham & Company increased their target from $230 to $280.
• The company reported a quarterly revenue of $1.14 billion, exceeding analysts' expectations and marking a 31.8% year-over-year increase in revenue.

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s share price was up 3.2% on Monday . The company traded as high as $245.76 and last traded at $242.73. Approximately 5,125,969 shares changed hands during mid-day trading, a decline of 3% from the average daily volume of 5,300,963 shares. The stock had previously closed at $235.09.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SNOW. BTIG Research upped their price objective on shares of Snowflake from $235.00 to $276.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Needham & Company LLC boosted their price target on Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. DA Davidson reaffirmed a "buy" rating and issued a $250.00 price target on shares of Snowflake in a report on Monday, August 25th. Mizuho lifted their price objective on Snowflake from $235.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Finally, Citigroup restated an "outperform" rating on shares of Snowflake in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Stock Performance

The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a 50 day moving average price of $216.42 and a two-hundred day moving average price of $196.76. The company has a market capitalization of $82.24 billion, a P/E ratio of -58.49 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the previous year, the firm earned $0.18 EPS. Snowflake's quarterly revenue was up 31.8% on a year-over-year basis. On average, research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, CAO Emily Ho sold 1,658 shares of the firm's stock in a transaction that occurred on 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 sale, the chief accounting officer owned 31,745 shares of the company's stock, valued at approximately $7,150,561.25. This trade represents a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $223.88, for a total value of $2,238,800.00. Following the completion of the transaction, the executive vice president directly owned 532,450 shares in the company, valued at $119,204,906. The trade was a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,277,917 shares of company stock worth $291,493,635 over the last ninety days. Company insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Capital Advantage Inc. raised its holdings in shares of Snowflake by 1.1% in the second quarter. Capital Advantage Inc. now owns 4,412 shares of the company's stock valued at $987,000 after buying an additional 48 shares during the last quarter. Wedbush Securities Inc. increased its position in Snowflake by 1.3% in the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company's stock valued at $832,000 after acquiring an additional 48 shares in the last quarter. Avion Wealth increased its position 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 in the last quarter. Insigneo Advisory Services LLC raised its stake in shares of Snowflake by 1.3% in the second quarter. Insigneo Advisory Services LLC now owns 4,003 shares of the company's stock worth $896,000 after acquiring an additional 52 shares during the last quarter. Finally, Advyzon Investment Management LLC lifted its position in shares of Snowflake by 3.8% during the second quarter. Advyzon Investment Management LLC now owns 1,520 shares of the company's stock worth $340,000 after purchasing an additional 55 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

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.

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