Snowflake (NYSE:SNOW) Shares Up 0.8% on Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) traded up 0.8% on Tuesday after Loop Capital raised their price target on the stock from $185.00 to $205.00. Loop Capital currently has a buy rating on the stock. Snowflake traded as high as $163.69 and last traded at $162.78. 731,616 shares changed hands during trading, a decline of 89% from the average session volume of 6,747,990 shares. The stock had previously closed at $161.44.

Other analysts have also issued reports about the stock. Argus assumed coverage on shares of Snowflake in a research note on Tuesday, October 1st. They issued a “hold” rating for the company. Mizuho lifted their price target on Snowflake from $165.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. DA Davidson restated a “buy” rating and issued a $175.00 price objective on shares of Snowflake in a report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft lifted 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. Finally, Evercore ISI upped their price target on shares of Snowflake from $170.00 to $190.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $185.03.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 861 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $165.31, for a total value of $142,331.91. Following the completion of the sale, the executive vice president now owns 582,930 shares of the company’s stock, valued at approximately $96,364,158.30. The trade was a 0.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 6,714 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $171.00, for a total value of $1,148,094.00. Following the completion of the transaction, the director now owns 196,454 shares in the company, valued at $33,593,634. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 292,614 shares of company stock worth $48,389,953 in the last quarter. 7.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Oddo BHF Asset Management Sas bought a new stake in Snowflake in the third quarter worth $12,145,000. Garde Capital Inc. lifted its position in shares of Snowflake by 9.5% in the third quarter. Garde Capital Inc. now owns 6,050 shares of the company’s stock worth $695,000 after buying an additional 526 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Snowflake by 1.4% in the third quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock worth $66,086,000 after buying an additional 7,373 shares during the last quarter. Synovus Financial Corp boosted its stake in shares of Snowflake by 28.6% during the 3rd quarter. Synovus Financial Corp now owns 6,077 shares of the company’s stock worth $698,000 after acquiring an additional 1,352 shares in the last quarter. Finally, Blankinship & Foster LLC acquired a new position in shares of Snowflake during the 3rd quarter valued at about $896,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

The stock has a 50 day moving average of $146.23 and a two-hundred day moving average of $131.25. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The firm has a market capitalization of $53.83 billion, a P/E ratio of -48.10 and a beta of 1.02.

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.