Wedbush, a leading equities research firm, has upgraded Snowflake’s stock rating to “hold” in a report published on Thursday morning. This comes amidst a range of conflicting opinions from other analysts. Morgan Stanley has reiterated an “equal weight” rating with a price target of $175.00, while The Goldman Sachs Group maintains a “buy” rating with a price target of $220.00. JMP Securities, Evercore ISI, and Robert W. Baird have also issued their own ratings and price targets for the company.
Snowflake recently released its quarterly earnings results, reporting earnings per share of $0.18, surpassing analysts’ consensus estimates by $0.02. The company’s revenue for the quarter stood at $868.80 million, a 28.9% increase compared to the same period last year. However, Snowflake continues to face challenges, with negative return on equity and net margin.
Insider trading activity has been observed at Snowflake, with Benoit Dageville and EVP Christian Kleinerman selling shares of the company’s stock. Dageville sold 1,946 shares at an average price of $114.39, while Kleinerman sold 15,000 shares at an average price of $120.00.
Large institutional investors have also made moves with regards to Snowflake’s stock. LRI Investments LLC increased its position, while Wellington Shields Capital Management LLC, V Square Quantitative Management LLC, Riverview Trust Co, and Future Financial Wealth Management LLC acquired new stakes in the company.
Overall, the consensus rating for Snowflake stands at “Moderate Buy,” with an average target price of $174.74, according to MarketBeat.