Snowflake Stock – Snowflake Inc. (NYSE:SNOW) Receives Average Rating of “Hold” from Brokerages
Snowflake Inc. (NYSE:SNOW) has earned a consensus recommendation of “Hold” from the thirty brokerages that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $284.04.
A number of equities research analysts have issued reports on SNOW shares. Credit Suisse Group lowered their target price on shares of Snowflake from $310.00 to $275.00 and set a “neutral” rating on the stock in a report on Wednesday, March 10th. Zacks Investment Research cut shares of Snowflake from a “buy” rating to a “hold” rating in a report on Saturday, February 6th. UBS Group started coverage on shares of Snowflake in a report on Monday, March 29th. They set a “buy” rating and a $275.00 target price on the stock. Citigroup lowered their target price on shares of Snowflake from $325.00 to $295.00 and set a “neutral” rating on the stock in a report on Wednesday, March 10th. Finally, Exane BNP Paribas initiated coverage on shares of Snowflake in a report on Thursday, April 22nd. They issued a “neutral” rating and a $245.00 price target on the stock.
NYSE:SNOW opened at $229.55 on Friday. The firm’s 50 day moving average is $230.34 and its 200 day moving average is $273.32. Snowflake has a 12 month low of $205.07 and a 12 month high of $429.00.
Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Tuesday, March 2nd. The company reported ($0.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.53). The company had revenue of $190.50 million for the quarter, compared to the consensus estimate of $178.64 million. The company’s revenue was up 117.2% on a year-over-year basis. As a group, sell-side analysts expect that Snowflake will post -1.77 EPS for the current year.
In other Snowflake news, CEO Frank Slootman sold 31,546 shares of the firm’s stock in a transaction that occurred on Tuesday, April 20th. The shares were sold at an average price of $224.78, for a total value of $7,090,909.88. Following the transaction, the chief executive officer now directly owns 71,212 shares of the company’s stock, valued at approximately $16,007,033.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benoit Dageville sold 29,750 shares of the firm’s stock in a transaction that occurred on Monday, April 12th. The stock was sold at an average price of $228.97, for a total transaction of $6,811,857.50. The disclosure for this sale can be found here. Insiders have sold a total of 1,252,098 shares of company stock worth $280,548,704 over the last 90 days. Insiders own 0.24% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Morgan Stanley increased its holdings in shares of Snowflake by 359.8% in the 4th quarter. Morgan Stanley now owns 6,480,804 shares of the company’s stock valued at $1,823,697,000 after acquiring an additional 5,071,445 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Snowflake by 18,581.1% in the 4th quarter. Jennison Associates LLC now owns 3,652,340 shares of the company’s stock valued at $1,027,768,000 after acquiring an additional 3,632,789 shares during the last quarter. Tiger Global Management LLC increased its holdings in shares of Snowflake by 40.3% in the 4th quarter. Tiger Global Management LLC now owns 1,753,597 shares of the company’s stock valued at $493,462,000 after acquiring an additional 503,597 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Snowflake by 23.7% in the 4th quarter. BlackRock Inc. now owns 1,167,311 shares of the company’s stock valued at $328,481,000 after acquiring an additional 224,004 shares during the last quarter. Finally, D1 Capital Partners L.P. grew its stake in Snowflake by 6.8% during the 4th quarter. D1 Capital Partners L.P. now owns 994,012 shares of the company’s stock worth $279,715,000 after buying an additional 63,000 shares during the last quarter. Institutional investors own 23.16% of the company’s stock.
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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