Snowflake (NYSE:SNOW) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Snowflake Inc. (NYSE:SNOW) saw an uptick in trading volume on Friday after Mizuho raised their price target on the stock from $165.00 to $195.00. Mizuho currently has an outperform rating on the stock. 5,931,148 shares traded hands during mid-day trading, a decline of 12% from the previous session’s volume of 6,712,685 shares.The stock last traded at $174.83 and had previously closed at $171.35.

A number of other research analysts have also weighed in on SNOW. StockNews.com raised Snowflake from a “sell” rating to a “hold” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their target price on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a report on Thursday. Royal Bank of Canada lifted their target price on Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a report on Thursday. Oppenheimer reaffirmed an “outperform” rating and set a $180.00 target price on shares of Snowflake in a report on Thursday. Finally, Bank of America boosted their price objective on Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $180.23.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the sale, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at $85,354,801.35. This trade represents a 2.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Benoit Dageville sold 287 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the sale, the insider now directly owns 53,250 shares in the company, valued at $5,932,582.50. This trade represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,538 shares of company stock valued at $7,061,544. Insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several institutional investors have recently modified their holdings of the business. Covestor Ltd boosted its position in shares of Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after buying an additional 70 shares during the last quarter. Modus Advisors LLC lifted its holdings in Snowflake by 3.9% in the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock valued at $286,000 after acquiring an additional 94 shares during the period. Catalyst Private Wealth LLC lifted its holdings in Snowflake by 3.2% in the third quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock valued at $382,000 after acquiring an additional 104 shares during the period. Iron Gate Global Advisors LLC lifted its holdings in Snowflake by 0.9% in the first quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,878,000 after acquiring an additional 105 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in Snowflake by 30.3% in the first quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock valued at $72,000 after acquiring an additional 108 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Stock Down 2.3 %

The business has a fifty day simple moving average of $120.06 and a two-hundred day simple moving average of $128.22. The company has a market cap of $56.14 billion, a P/E ratio of -54.73 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same quarter in the prior year, the company earned ($0.52) earnings per share. Snowflake’s revenue was up 28.9% on a year-over-year basis. On average, equities analysts predict that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

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.