Snowflake's (SNOW) Overweight Rating Reaffirmed at Wells Fargo & Company

Wells Fargo & Company reaffirmed their overweight rating on shares of Snowflake (NYSE:SNOW - Free Report) in a research report sent to investors on Thursday morning, MarketBeat reports. They currently have a $225.00 price objective on the stock, up from their prior price objective of $200.00.

Other equities research analysts have also issued research reports about the company. Wolfe Research upgraded Snowflake from a "peer perform" rating to an "outperform" rating and set a $235.00 price objective for the company in a research note on Tuesday, February 18th. DA Davidson reduced their target price on Snowflake from $225.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Rosenblatt Securities reissued a "buy" rating and set a $205.00 price target on shares of Snowflake in a research report on Monday, May 19th. Loop Capital lifted their price target on shares of Snowflake from $205.00 to $215.00 and gave the stock a "buy" rating in a research note on Thursday, February 27th. Finally, Truist Financial increased their price objective on shares of Snowflake from $210.00 to $235.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, thirty-one have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $217.33.

Snowflake Stock Up 3.4%

SNOW traded up $6.82 during trading hours on Thursday, reaching $206.87. 5,857,783 shares of the stock traded hands, compared to its average volume of 6,472,912. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $208.22. The company has a market cap of $68.29 billion, a price-to-earnings ratio of -60.97 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The firm's fifty day simple moving average is $160.09 and its two-hundred day simple moving average is $164.69.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data 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 33.02% and a negative return on equity of 24.23%. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same period in the prior year, the company posted $0.14 EPS. The firm's revenue for the quarter was up 25.8% on a year-over-year basis. As a group, analysts forecast that Snowflake will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total value of $2,576,250.00. Following the completion of the transaction, the executive vice president now owns 594,975 shares of the company's stock, valued at approximately $102,186,956.25. This represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 1,783 shares of Snowflake stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total transaction of $262,528.92. Following the sale, the director now owns 192,511 shares in the company, valued at approximately $28,345,319.64. This represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 356,963 shares of company stock worth $58,204,058. 7.80% of the stock is owned by company insiders.

Institutional Trading of Snowflake

A number of institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Snowflake during the fourth quarter valued at approximately $988,950,000. GQG Partners LLC bought a new position in Snowflake during the 4th quarter valued at $750,572,000. Nuveen LLC acquired a new position in shares of Snowflake during the 1st quarter valued at $555,847,000. Jennison Associates LLC raised its stake in shares of Snowflake by 92.2% in the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock worth $1,179,230,000 after buying an additional 3,662,671 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock valued at $943,155,000 after buying an additional 2,805,425 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

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.