Snowflake (NYSE:SNOW) Shares Gap Up After Analyst Upgrade

Snowflake Inc. (NYSE:SNOW)’s share price gapped up before the market opened on Thursday after Mizuho raised their price target on the stock from $165.00 to $195.00. The stock had previously closed at $129.12, but opened at $161.26. Mizuho currently has an outperform rating on the stock. Snowflake shares last traded at $166.92, with a volume of 9,609,179 shares trading hands.

Several other equities analysts also recently commented on the company. Stifel Nicolaus cut their target price on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Piper Sandler reaffirmed an “overweight” rating and issued a $185.00 target price (up previously from $165.00) on shares of Snowflake in a report on Thursday. Canaccord Genuity Group reduced their price target on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Monness Crespi & Hardt raised their price objective on shares of Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday. Finally, StockNews.com raised Snowflake from a “sell” rating to a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the transaction, the executive vice president now owns 706,755 shares in the company, valued at approximately $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock valued at $7,061,544 over the last 90 days. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently bought and sold shares of SNOW. Covestor Ltd increased its holdings in shares of Snowflake by 25.0% in the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the period. Modus Advisors LLC lifted its holdings in shares of Snowflake by 3.9% in the 3rd quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after acquiring an additional 94 shares during the last quarter. Catalyst Private Wealth LLC boosted its stake in shares of Snowflake by 3.2% in the 3rd quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock valued at $382,000 after purchasing an additional 104 shares in the last quarter. Iron Gate Global Advisors LLC grew its holdings in shares of Snowflake by 0.9% during the 1st quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,878,000 after purchasing an additional 105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Snowflake by 30.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock worth $72,000 after purchasing an additional 108 shares during the period. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Down 2.3 %

The firm’s 50-day simple moving average is $120.06 and its 200-day simple moving average is $128.22. The firm has a market capitalization of $56.14 billion, a PE ratio of -54.73 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter last year, the firm earned ($0.52) EPS. The company’s revenue was up 28.9% on a year-over-year basis. On average, equities research analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current year.

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.