Snowflake (SNOW) Receives a Buy from Canaccord Genuity

In a report released today, Kingsley Crane from Canaccord Genuity maintained a Buy rating on Snowflake, with a price target of $240.00.

Claim 50% Off TipRanks Premium

• Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
• Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential

Crane covers the Technology sector, focusing on stocks such as DigitalOcean Holdings, Snowflake, and BlackBerry. According to TipRanks, Crane has an average return of -2.5% and a 39.76% success rate on recommended stocks.

In addition to Canaccord Genuity, Snowflake also received a Buy from Bank of America Securities’s Koji Ikeda in a report issued today. However, on the same day, TipRanks – Google reiterated a Hold rating on Snowflake (NYSE: SNOW).

Based on Snowflake’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $1.21 billion and a GAAP net loss of $293.96 million. In comparison, last year the company earned a revenue of $942.09 million and had a GAAP net loss of $324.28 million

Based on the recent corporate insider activity of 242 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNOW in relation to earlier this year. Last month, Vivek Raghunathan, the SVP, Engineering and Support of SNOW sold 11,801.00 shares for a total of $2,601,294.43.