Snowflake (NYSE:SNOW) Rating Increased to Outperform at BNP Paribas

Snowflake (NYSE:SNOW) was upgraded by stock analysts at BNP Paribas from a “neutral” rating to an “outperform” rating in a research report issued on Thursday, Marketbeat.com reports. The firm presently has a $200.00 price target on the stock. BNP Paribas’ target price suggests a potential upside of 25.53% from the stock’s previous close.

SNOW has been the subject of a number of other reports. Needham & Company LLC dropped their price target on Snowflake from $265.00 to $240.00 and set a “buy” rating for the company in a report on Thursday, February 29th. KeyCorp started coverage on Snowflake in a report on Thursday, April 11th. They issued an “overweight” rating and a $185.00 price target for the company. Monness Crespi & Hardt raised shares of Snowflake from a “sell” rating to a “neutral” rating in a report on Monday, March 18th. Oppenheimer dropped their target price on shares of Snowflake from $240.00 to $220.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Finally, Stifel Nicolaus lowered their target price on Snowflake from $235.00 to $220.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.77.

Snowflake Stock Performance

Shares of SNOW stock traded up $1.55 during trading hours on Thursday, hitting $159.32. The company had a trading volume of 3,660,233 shares, compared to its average volume of 4,335,201. Snowflake has a 12 month low of $138.40 and a 12 month high of $237.72. The firm’s fifty day moving average is $163.20 and its 200 day moving average is $178.80. The firm has a market capitalization of $53.24 billion, a price-to-earnings ratio of -62.48 and a beta of 0.90.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The business had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. On average, sell-side analysts expect that Snowflake will post -1.9 EPS for the current fiscal year.

Insider Transactions at Snowflake

In other news, CRO Christopher William Degnan sold 12,782 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $156.56, for a total transaction of $2,001,149.92. Following the completion of the transaction, the executive now owns 354,954 shares of the company’s stock, valued at $55,571,598.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CRO Christopher William Degnan sold 12,782 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $156.56, for a total value of $2,001,149.92. Following the completion of the sale, the executive now owns 354,954 shares of the company’s stock, valued at approximately $55,571,598.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Grzegorz Czajkowski sold 683 shares of Snowflake stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $110,249.86. Following the completion of the transaction, the executive vice president now directly owns 86,208 shares in the company, valued at $13,915,695.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 168,458 shares of company stock valued at $33,785,640. 8.30% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

Several large investors have recently bought and sold shares of the company. Accent Capital Management LLC purchased a new position in Snowflake in the fourth quarter worth about $25,000. Provence Wealth Management Group bought a new position in Snowflake in the 3rd quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Snowflake by 54.1% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 205 shares of the company’s stock valued at $31,000 after purchasing an additional 72 shares during the last quarter. Global Wealth Management Investment Advisory Inc. raised its stake in shares of Snowflake by 89.0% in the third quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock worth $31,000 after purchasing an additional 97 shares during the last quarter. Finally, Riverview Trust Co bought a new position in shares of Snowflake during the first quarter valued at $31,000. 65.10% of the stock is owned by institutional investors.

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.