Snowflake (NYSE:SNOW) Given “Neutral” Rating at Wedbush

Posted by Defense World Staff on Aug 25th, 2023

Wedbush restated their neutral rating on shares of Snowflake (NYSE:SNOW – Free Report) in a research note published on Thursday, Benzinga reports. Wedbush currently has a $144.00 price objective on the stock.

Several other brokerages have also issued reports on SNOW. Evercore ISI decreased their price target on shares of Snowflake from $196.00 to $190.00 in a report on Friday, May 5th. Sanford C. Bernstein cut their price objective on shares of Snowflake from $157.00 to $148.00 in a research report on Friday, May 26th. Loop Capital cut their price objective on shares of Snowflake from $200.00 to $195.00 in a research report on Thursday, May 25th. Guggenheim restated a sell rating and issued a $105.00 price target on shares of Snowflake in a research note on Monday, August 14th. Finally, Piper Sandler decreased their price target on Snowflake from $210.00 to $205.00 and set an overweight rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $191.32.

View Our Latest Analysis on SNOW

Snowflake Stock Performance

Shares of Snowflake stock opened at $147.68 on Thursday. The company’s fifty day simple moving average is $169.49 and its 200-day simple moving average is $159.55. Snowflake has a 1 year low of $119.27 and a 1 year high of $205.66.

Snowflake (NYSE:SNOW – Get Free Report) last posted its earnings results on Wednesday, August 23rd. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.12. The company had revenue of $674.00 million during the quarter, compared to analysts’ expectations of $662.22 million. Snowflake had a negative net margin of 35.22% and a negative return on equity of 14.01%. Snowflake’s quarterly revenue was up 35.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.67) earnings per share. Equities analysts forecast that Snowflake will post -1.48 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Michael L. Speiser sold 330,087 shares of Snowflake stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $176.63, for a total transaction of $58,303,266.81. Following the completion of the sale, the director now directly owns 1,725,938 shares in the company, valued at $304,852,428.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Michael L. Speiser sold 330,087 shares of the firm’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $176.63, for a total transaction of $58,303,266.81. Following the sale, the director now directly owns 1,725,938 shares in the company, valued at approximately $304,852,428.94. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Frank Slootman sold 20,834 shares of Snowflake stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $188.40, for a total value of $3,925,125.60. Following the sale, the chief executive officer now owns 185,683 shares in the company, valued at $34,982,677.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 634,791 shares of company stock valued at $112,514,182. Corporate insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SNOW. BlackRock Inc. raised its holdings in Snowflake by 5.0% in the 2nd quarter. BlackRock Inc. now owns 14,088,422 shares of the company’s stock valued at $2,479,280,000 after acquiring an additional 674,196 shares in the last quarter. Jennison Associates LLC raised its position in shares of Snowflake by 19.5% during the 2nd quarter. Jennison Associates LLC now owns 7,399,711 shares of the company’s stock valued at $1,302,201,000 after acquiring an additional 1,206,014 shares during the last quarter. State Street Corp grew its holdings in shares of Snowflake by 3.0% in the 2nd quarter. State Street Corp now owns 5,953,850 shares of the company’s stock valued at $1,047,759,000 after buying an additional 170,914 shares during the period. Bank Julius Baer & Co. Ltd Zurich increased its holdings in Snowflake by 48,395.6% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,467,899 shares of the company’s stock worth $786,261,000 after purchasing an additional 4,458,686 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of Snowflake by 7.9% during the 1st quarter. FMR LLC now owns 3,420,395 shares of the company’s stock worth $527,733,000 after buying an additional 251,486 shares during the last quarter. 63.55% of the stock is owned by institutional investors and hedge funds.

Snowflake Company Profile

(Get Free Report)

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.