Snowflake (NYSE:SNOW) Receives “Buy” Rating from Needham & Company LLC

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They presently have a $280.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 5.53% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. Evercore ISI reaffirmed an “outperform” rating on shares of Snowflake in a research report on Thursday. Robert W. Baird boosted their target price on shares of Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. JMP Securities boosted their target price on shares of Snowflake from $283.00 to $325.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 28th. JPMorgan Chase & Co. boosted their target price on shares of Snowflake from $225.00 to $255.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Finally, Canaccord Genuity Group reiterated a “buy” rating on shares of Snowflake in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $271.00.

Snowflake Price Performance

Snowflake stock opened at $265.34 on Thursday. Snowflake has a one year low of $120.10 and a one year high of $280.67. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The business has a 50 day simple moving average of $250.99 and a 200 day simple moving average of $225.85. The company has a market capitalization of $89.90 billion, a PE ratio of -63.94 and a beta of 1.09.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.18 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The business’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same period last year, the company earned $0.20 EPS. On average, sell-side analysts forecast that Snowflake will post -2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $223.88, for a total transaction of $2,238,800.00. Following the transaction, the executive vice president owned 532,450 shares in the company, valued at $119,204,906. The trade was a 1.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $224.85, for a total transaction of $11,318,499.30. Following the completion of the sale, the director owned 35,276 shares of the company’s stock, valued at $7,931,808.60. The trade was a 58.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 221,305 shares of company stock valued at $53,086,099 over the last 90 days. 6.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kingstone Capital Partners Texas LLC bought a new stake in Snowflake in the 2nd quarter valued at about $3,900,134,000. Norges Bank bought a new stake in shares of Snowflake during the second quarter valued at approximately $944,895,000. Nuveen LLC acquired a new position in shares of Snowflake during the first quarter worth approximately $555,847,000. Winslow Capital Management LLC bought a new position in shares of Snowflake in the 2nd quarter worth $725,667,000. Finally, AQR Capital Management LLC grew its position in Snowflake by 346.2% in the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock valued at $456,430,000 after purchasing an additional 2,460,769 shares during the period. Institutional investors own 65.10% of the company’s stock.

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.