Snowflake (NYSE:SNOW) Sets New 12-Month High – Still a Buy?

Shares of Snowflake Inc. (NYSE:SNOW) reached a new 52-week high on Tuesday . The stock traded as high as $210.44 and last traded at $209.89, with a volume of 4467103 shares. The stock had previously closed at $205.67.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. UBS Group upgraded Snowflake from a “neutral” rating to a “buy” rating and increased their price target for the stock from $210.00 to $265.00 in a report on Wednesday. Cowen reiterated a “buy” rating on shares of Snowflake in a research report on Thursday, May 22nd. Jefferies Financial Group raised their target price on shares of Snowflake from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, May 20th. KeyCorp reduced their price target on shares of Snowflake from $220.00 to $192.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, Citigroup restated an “outperform” rating on shares of Snowflake in a report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $221.28.

Snowflake Price Performance

The company has a fifty day simple moving average of $166.87 and a 200 day simple moving average of $168.02. The stock has a market capitalization of $69.92 billion, a price-to-earnings ratio of -61.78 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the firm earned $0.14 earnings per share. The firm’s quarterly revenue was up 25.8% on a year-over-year basis. Equities research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 685 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total transaction of $100,859.40. Following the sale, the executive vice president now owns 622,611 shares in the company, valued at $91,673,243.64. This represents a 0.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the transaction, the chief financial officer now directly owns 292,610 shares in the company, valued at approximately $47,756,878.10. This trade represents a 50.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 849,779 shares of company stock worth $159,318,643. Company insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SNOW. Opal Wealth Advisors LLC bought a new position in shares of Snowflake in the 1st quarter worth $26,000. Stonebridge Financial Group LLC acquired a new position in Snowflake during the fourth quarter worth $29,000. CVA Family Office LLC lifted its stake in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after buying an additional 88 shares in the last quarter. West Paces Advisors Inc. bought a new position in shares of Snowflake in the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in shares of Snowflake during the fourth quarter valued at about $31,000. 65.10% of the stock is owned by institutional investors.

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.