Piper Sandler Reiterates Overweight Rating for Snowflake (NYSE:SNOW)

Piper Sandler reissued their overweight rating on shares of Snowflake (NYSE:SNOW) in a research report report published on Thursday, Benzinga reports. They currently have a $240.00 price target on the stock.

Other equities analysts also recently issued reports about the company. Barclays lowered their price objective on Snowflake from $198.00 to $188.00 and set an equal weight rating for the company in a research report on Friday, March 1st. JPMorgan Chase & Co. lowered their price objective on Snowflake from $200.00 to $170.00 and set an overweight rating for the company in a research report on Thursday, February 29th. Truist Financial lowered their price objective on Snowflake from $250.00 to $210.00 and set a buy rating for the company in a research report on Thursday, February 29th. Stifel Nicolaus lowered their price objective on Snowflake from $235.00 to $220.00 and set a buy rating for the company in a research report on Thursday, February 29th. Finally, Monness Crespi & Hardt raised Snowflake from a sell rating to a neutral rating in a research report on Monday, March 18th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $200.64.

Snowflake Price Performance

NYSE SNOW opened at $156.16 on Thursday. The company has a market cap of $52.19 billion, a P/E ratio of -55.77 and a beta of 0.90. The stock has a 50-day moving average of $157.03 and a two-hundred day moving average of $180.46. Snowflake has a 1-year low of $138.40 and a 1-year high of $237.72.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.05. The company had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative return on equity of 15.54% and a negative net margin of 30.80%. On average, analysts anticipate that Snowflake will post -1.83 EPS for the current fiscal year.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the sale, the executive vice president now directly owns 772,597 shares in the company, valued at approximately $124,504,006.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Snowflake news, CEO Sridhar Ramaswamy acquired 31,542 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were acquired at an average cost of $158.52 per share, for a total transaction of $5,000,037.84. Following the transaction, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total transaction of $241,725.00. Following the completion of the sale, the executive vice president now owns 772,597 shares in the company, valued at $124,504,006.55. The disclosure for this sale can be found here. Insiders have sold a total of 62,380 shares of company stock valued at $9,803,625 in the last ninety days. 8.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Trexquant Investment LP lifted its holdings in Snowflake by 266.3% in the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock valued at $2,089,000 after purchasing an additional 7,633 shares in the last quarter. Rakuten Securities Inc. purchased a new position in Snowflake in the 4th quarter valued at about $790,000. Sequoia Financial Advisors LLC lifted its holdings in Snowflake by 209.3% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock valued at $927,000 after purchasing an additional 3,152 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Snowflake in the 3rd quarter valued at about $458,000. Finally, Meridian Wealth Management LLC purchased a new position in shares of Snowflake during the 4th quarter worth about $288,000. 65.10% of the stock is currently owned by hedge funds and other 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.