Snowflake (NYSE:SNOW) Trading Up 1% – What’s Next?

Snowflake Inc. (NYSE:SNOW)’s share price rose 1% on Wednesday . The company traded as high as $163.69 and last traded at $163.06. Approximately 1,754,277 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 6,752,615 shares. The stock had previously closed at $161.44.

Wall Street Analyst Weigh In

A number of research analysts have commented on SNOW shares. Truist Financial reiterated a “buy” rating and issued a $210.00 price objective on shares of Snowflake in a research report on Thursday, November 21st. UBS Group reduced their target price on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 24th. Argus assumed coverage on shares of Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating for the company. Royal Bank of Canada lifted their target price on shares of Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Finally, Oppenheimer reissued an “outperform” rating and issued a $180.00 price target on shares of Snowflake in a research note on Thursday, November 21st. Two equities research 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $185.03.

Snowflake Stock Performance

The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock’s fifty day moving average is $147.12 and its two-hundred day moving average is $131.47. The firm has a market capitalization of $53.96 billion, a price-to-earnings ratio of -48.22 and a beta of 1.02.

Insider Transactions at Snowflake

In other Snowflake news, CAO Emily Ho sold 1,508 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $163.17, for a total value of $246,060.36. Following the transaction, the chief accounting officer now directly owns 44,760 shares in the company, valued at $7,303,489.20. The trade was a 3.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the transaction, the executive vice president now directly owns 706,755 shares in the company, valued at $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 294,122 shares of company stock worth $48,636,014 in the last ninety days. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

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

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.