Snowflake (NYSE:SNOW) Stock Price Up 1.7% After Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) rose 1.7% during trading on Monday after Jefferies Financial Group raised their price target on the stock from $180.00 to $200.00. Jefferies Financial Group currently has a buy rating on the stock. Snowflake traded as high as $173.40 and last traded at $170.52. Approximately 1,857,493 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 6,780,097 shares. The stock had previously closed at $167.67.

SNOW has been the subject of a number of other reports. Argus began coverage on shares of Snowflake in a report on Tuesday, October 1st. They set a “hold” rating for the company. Morgan Stanley restated an “equal weight” rating and issued a $175.00 price objective on shares of Snowflake in a research note on Thursday, August 22nd. TD Cowen raised their target price on Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Needham & Company LLC boosted their price target on Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Finally, HSBC raised Snowflake from a “reduce” rating to a “hold” rating and raised their price objective for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $184.46.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $180.00, for a total value of $2,700,000.00. Following the completion of the sale, the executive vice president now owns 691,755 shares of the company’s stock, valued at approximately $124,515,900. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 287 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the transaction, the insider now owns 53,250 shares in the company, valued at approximately $5,932,582.50. This trade represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 283,158 shares of company stock worth $46,709,467. 7.80% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Modus Advisors LLC raised its stake in shares of Snowflake by 3.9% in the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after purchasing an additional 94 shares during the last quarter. Catalyst Private Wealth LLC increased its holdings in Snowflake by 3.2% in the 3rd quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after buying an additional 104 shares during the period. LRI Investments LLC raised its position in Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 112 shares during the last quarter. Clear Creek Financial Management LLC lifted its position in Snowflake by 6.7% during the third quarter. Clear Creek Financial Management LLC now owns 1,829 shares of the company’s stock valued at $210,000 after purchasing an additional 115 shares during the period. Finally, Covestor Ltd lifted its holdings in shares of Snowflake by 16.2% in the 3rd quarter. Covestor Ltd now owns 827 shares of the company’s stock valued at $95,000 after buying an additional 115 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The stock has a fifty day simple moving average of $141.26 and a 200-day simple moving average of $130.00. The company has a market capitalization of $56.39 billion, a price-to-earnings ratio of -50.39 and a beta of 1.03.

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.