Snowflake’s (SNOW) “Market Outperform” Rating Reaffirmed at Citizens Jmp

Snowflake (NYSE:SNOW)‘s stock had its “market outperform” rating reiterated by analysts at Citizens Jmp in a report issued on Tuesday,Benzinga reports. They presently have a $325.00 target price on the stock. Citizens Jmp’s price objective suggests a potential upside of 89.23% from the company’s current price.

Several other analysts have also recently commented on the stock. Raymond James Financial reaffirmed an “outperform” rating on shares of Snowflake in a research note on Monday, February 2nd. Needham & Company LLC reduced their price target on Snowflake from $280.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a research report on Wednesday, February 18th. BTIG Research dropped their target price on Snowflake from $312.00 to $235.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Finally, Royal Bank Of Canada set a $245.00 price target on Snowflake in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $242.19.

Snowflake Trading Up 4.6%

Snowflake stock opened at $171.75 on Tuesday. The stock has a market cap of $59.37 billion, a PE ratio of -43.48 and a beta of 1.08. The stock has a 50-day moving average price of $154.76 and a 200 day moving average price of $195.52. Snowflake has a 52 week low of $118.30 and a 52 week high of $280.67. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Snowflake had a negative net margin of 28.43% and a negative return on equity of 50.61%. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same period last year, the company earned $0.30 EPS. Equities research analysts predict that Snowflake will post -2.16 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 100,000 shares of Snowflake stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $176.91, for a total value of $17,691,000.00. Following the transaction, the director directly owned 50,329 shares of the company’s stock, valued at $8,903,703.39. The trade was a 66.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Vivek Raghunathan sold 3,876 shares of Snowflake stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $152.80, for a total transaction of $592,252.80. Following the transaction, the senior vice president directly owned 273,323 shares in the company, valued at approximately $41,763,754.40. This trade represents a 1.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 384,313 shares of company stock valued at $64,308,373. 6.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

A number of institutional investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. grew its position in shares of Snowflake by 13.5% during the third quarter. Federated Hermes Inc. now owns 408,037 shares of the company’s stock worth $92,047,000 after buying an additional 48,411 shares in the last quarter. Assetmark Inc. raised its holdings in Snowflake by 99.1% in the fourth quarter. Assetmark Inc. now owns 198,655 shares of the company’s stock valued at $43,577,000 after acquiring an additional 98,870 shares in the last quarter. Jennison Associates LLC raised its holdings in Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after acquiring an additional 2,519,413 shares in the last quarter. William Blair Investment Management LLC bought a new position in Snowflake during the 3rd quarter valued at $116,882,000. Finally, Penserra Capital Management LLC grew its holdings in Snowflake by 32.8% during the 3rd quarter. Penserra Capital Management LLC now owns 153,358 shares of the company’s stock worth $34,586,000 after acquiring an additional 37,911 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.