Snowflake (NYSE:SNOW) Now Covered by Wells Fargo & Company

Key Points

• Snowflake (NYSE:SNOW) was upgraded to a "strong-buy" rating by Wells Fargo, indicating increased investor confidence in the company's prospects.
• Multiple research firms have raised their price targets for Snowflake, with Evercore ISI setting it at $280.00 and Scotiabank also at $280.00, reflecting a bullish outlook on the stock.
• Snowflake reported earnings of $0.35 per share for its latest quarter, exceeding analysts' expectations and showing significant year-over-year growth in revenue.

Stock analysts at Wells Fargo & Company started coverage on shares of Snowflake (NYSE:SNOW - Get Free Report) in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The brokerage set an "overweight" rating on the stock.

Several other research analysts have also recently weighed in on the company. Truist Financial boosted their price objective on Snowflake from $235.00 to $270.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Evercore ISI increased their price target on Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Stifel Nicolaus increased their price target on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. KeyCorp increased their price target on Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Finally, Citigroup restated an "outperform" rating on shares of Snowflake in a research note on Thursday, August 28th. Three analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Trading Up 2.2%

Shares of Snowflake stock opened at $230.45 on Tuesday. The stock has a fifty day simple moving average of $215.11 and a 200 day simple moving average of $194.48. Snowflake has a 12-month low of $108.71 and a 12-month high of $249.99. The company has a market capitalization of $78.08 billion, a P/E ratio of -55.53 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.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping 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 analysts' expectations of $1.09 billion. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The business's revenue was up 31.8% on a year-over-year basis. On average, sell-side analysts anticipate that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 7,551 shares of Snowflake stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the transaction, the director owned 153,226 shares of the company's stock, valued at $33,899,720.24. The trade was a 4.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $224.84, for a total transaction of $90,610.52. Following the completion of the transaction, the director directly owned 25,733 shares of the company's stock, valued at $5,785,807.72. This represents a 1.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,579,829 shares of company stock valued at $358,117,551. 6.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings in Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after buying an additional 650,775 shares in the last quarter. CenterBook Partners LP bought a new stake in shares of Snowflake in the 1st quarter valued at approximately $2,381,000. Berkshire Capital Holdings Inc. lifted its stake in shares of Snowflake by 71,500.0% in the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock valued at $1,047,000 after purchasing an additional 7,150 shares during the last quarter. Lyell Wealth Management LP lifted its stake in shares of Snowflake by 5.1% in the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock valued at $8,870,000 after purchasing an additional 2,955 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in shares of Snowflake in the 1st quarter valued at approximately $898,000. Hedge funds and other institutional investors 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.