Snowflake (NYSE:SNOW) Rating Increased to Strong-Buy at Stephens

Stephens upgraded shares of Snowflake (NYSE:SNOW - Free Report) to a strong-buy rating in a research note published on Thursday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Cantor Fitzgerald upped their price target on Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Jefferies Financial Group upped their price objective on Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Robert W. Baird upped their price objective on Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Bank of America upped their price objective on Snowflake from $172.00 to $220.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Finally, CICC Research began coverage on Snowflake in a research note on Friday, June 20th. They issued an "outperform" rating and a $225.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $226.73.

Snowflake Trading Up 2.4%

Shares of Snowflake stock traded up $5.16 during midday trading on Thursday, reaching $216.74. The company had a trading volume of 3,383,192 shares, compared to its average volume of 5,976,901. The stock has a fifty day moving average price of $207.75 and a 200 day moving average price of $178.89. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a market cap of $72.36 billion, a PE ratio of -51.48 and a beta of 1.22. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $226.60.

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

Insider Transactions at Snowflake

In other news, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the transaction, the chief financial officer owned 292,610 shares of the company's stock, valued at $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Mark Garrett sold 67,000 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $198.98, for a total value of $13,331,660.00. Following the completion of the sale, the director owned 7,428 shares in the company, valued at $1,478,023.44. This represents a 90.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,718,258 shares of company stock valued at $589,762,906 over the last 90 days. Company insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

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