Truist Financial Reiterates “Buy” Rating for Snowflake (NYSE:SNOW)

Truist Financial reaffirmed their buy rating on shares of Snowflake (NYSE:SNOW) in a report released on Thursday morning,Benzinga reports. The firm currently has a $210.00 price objective on the stock.

Other equities analysts have also issued research reports about the company. HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and lifted their price target for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. Citigroup reduced their target price on Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research note on Monday, November 18th. Robert W. Baird dropped their price target on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. StockNews.com upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $185.00 target price (up previously from $165.00) on shares of Snowflake in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Price Performance

NYSE:SNOW opened at $167.44 on Thursday. The company has a 50 day moving average price of $120.06 and a 200-day moving average price of $128.00. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The firm has a market cap of $56.13 billion, a price-to-earnings ratio of -49.39 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 33.02% and a negative return on equity of 22.01%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.52) earnings per share. On average, sell-side analysts anticipate that Snowflake will post -2.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, insider Benoit Dageville sold 287 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the transaction, the insider now directly owns 53,250 shares in the company, valued at $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,538 shares of company stock valued at $7,061,544. 7.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Westside Investment Management Inc. increased its stake in Snowflake by 47.4% during the 3rd quarter. Westside Investment Management Inc. now owns 12,344 shares of the company’s stock worth $1,438,000 after buying an additional 3,971 shares during the period. Rehmann Capital Advisory Group grew its stake in shares of Snowflake by 10.9% in the third quarter. Rehmann Capital Advisory Group now owns 1,932 shares of the company’s stock worth $222,000 after acquiring an additional 190 shares in the last quarter. Sunbelt Securities Inc. increased its position in shares of Snowflake by 2.6% during the third quarter. Sunbelt Securities Inc. now owns 5,535 shares of the company’s stock worth $636,000 after acquiring an additional 142 shares during the period. Toronto Dominion Bank raised its stake in shares of Snowflake by 24.1% in the third quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after acquiring an additional 7,239 shares in the last quarter. Finally, Shaolin Capital Management LLC purchased a new position in Snowflake in the third quarter valued at $345,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.