Snowflake (NYSE:SNOW) Upgraded at Barclays

Barclays upgraded shares of Snowflake (NYSE:SNOW) from an equal weight rating to an overweight rating in a research report sent to investors on Wednesday, Analyst Price Targets reports. The brokerage currently has $367.00 price target on the stock, down from their previous price target of $393.00.

A number of other equities analysts also recently commented on SNOW. Jefferies Financial Group lowered their target price on shares of Snowflake from $360.00 to $330.00 in a research note on Thursday, January 6th. Citigroup raised shares of Snowflake from a neutral rating to a buy rating and boosted their price target for the company from $299.00 to $470.00 in a research report on Thursday, December 2nd. Credit Suisse Group boosted their price target on shares of Snowflake from $455.00 to $465.00 and gave the company an outperform rating in a research report on Monday, December 6th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Snowflake from $375.00 to $400.00 and gave the company a buy rating in a research report on Thursday, December 2nd. Finally, Truist Securities boosted their price target on shares of Snowflake from $350.00 to $400.00 and gave the company a buy rating in a research report on Thursday, December 2nd. Ten analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Snowflake presently has a consensus rating of Buy and an average target price of $365.03.

Shares of SNOW stock opened at $289.59 on Wednesday. The firm has a 50 day moving average of $347.27 and a two-hundred day moving average of $314.42. The stock has a market capitalization of $88.70 billion, a PE ratio of -113.56 and a beta of 1.52. Snowflake has a 52 week low of $184.71 and a 52 week high of $405.00.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 1st. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.10. The firm had revenue of $334.44 million during the quarter, compared to the consensus estimate of $306.13 million. Snowflake had a negative net margin of 72.78% and a negative return on equity of 14.91%. The company’s revenue was up 109.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.00) earnings per share. On average, sell-side analysts predict that Snowflake will post -2.04 earnings per share for the current fiscal year.

In other Snowflake news, CEO Frank Slootman sold 41,674 shares of the firm’s stock in a transaction on Wednesday, October 27th. The stock was sold at an average price of $350.14, for a total transaction of $14,591,734.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Christopher William Degnan sold 12,778 shares of the company’s stock in a transaction on Wednesday, December 1st. The shares were sold at an average price of $323.40, for a total value of $4,132,405.20. The disclosure for this sale can be found here. Insiders have sold 2,152,392 shares of company stock worth $749,422,907 over the last 90 days. 11.30% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC grew its position in shares of Snowflake by 44.3% in the second quarter. Commonwealth Equity Services LLC now owns 38,581 shares of the company’s stock valued at $9,328,000 after purchasing an additional 11,848 shares during the period. Allen Investment Management LLC acquired a new position in shares of Snowflake during the 2nd quarter valued at about $46,856,000. Meridian Wealth Management LLC purchased a new position in shares of Snowflake during the 3rd quarter worth about $2,506,000. Atom Investors LP purchased a new position in Snowflake during the second quarter worth approximately $2,774,000. Finally, State of New Jersey Common Pension Fund D grew its stake in shares of Snowflake by 614.1% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 113,882 shares of the company’s stock valued at $34,441,000 after buying an additional 97,935 shares during the period. 66.93% of the stock is currently owned by institutional investors.

Snowflake Company Profile

Snowflake Inc provides cloud-based data platform in the United States and internationally. The company's platform offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data.

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Analyst Recommendations for Snowflake (NYSE:SNOW)

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