Snowflake (NYSE:SNOW) Raised to “Outperform” at Wedbush

Snowflake (NYSE:SNOW) was upgraded by equities researchers at Wedbush from a “neutral” rating to an “outperform” rating in a report released on Monday, Marketbeat.com reports. The brokerage currently has a $190.00 target price on the stock. Wedbush’s price target would suggest a potential upside of 10.99% from the company’s previous close.

A number of other research firms have also recently commented on SNOW. HSBC upgraded shares of Snowflake from a “reduce” rating to a “hold” rating and increased their price target for the company from $119.00 to $121.00 in a report on Friday, August 23rd. Wells Fargo & Company increased their price target on shares of Snowflake from $125.00 to $150.00 and gave the company an “equal weight” rating in a report on Thursday, November 21st. Argus started coverage on shares of Snowflake in a report on Tuesday, October 1st. They set a “hold” rating on the stock. JMP Securities dropped their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a report on Thursday, August 22nd. Finally, Mizuho raised their target price on shares of Snowflake from $165.00 to $195.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $181.09.

Snowflake Stock Down 0.1 %

NYSE:SNOW opened at $171.19 on Monday. The company’s 50 day moving average price is $122.43 and its 200-day moving average price is $128.01. Snowflake has a 52 week low of $107.13 and a 52 week high of $237.72. The stock has a market cap of $57.38 billion, a price-to-earnings ratio of -50.50 and a beta of 0.83.

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 45,896 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $176.06, for a total transaction of $8,080,449.76. Following the completion of the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at approximately $36,749,884.10. This trade represents a 18.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Christopher William Degnan sold 76,692 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the transaction, the executive now directly owns 346,741 shares of the company’s stock, valued at $58,398,119.22. The trade was a 18.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 182,126 shares of company stock valued at $28,058,461. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors and hedge funds have recently made changes to their positions in SNOW. ProShare Advisors LLC grew its stake in shares of Snowflake by 26.1% in the 1st quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock worth $230,000 after buying an additional 295 shares in the last quarter. Gabelli Funds LLC purchased a new position in shares of Snowflake during the 1st quarter worth about $238,000. LRI Investments LLC purchased a new position in shares of Snowflake during the 1st quarter worth about $29,000. BOKF NA boosted its stake in shares of Snowflake by 1,424.9% during the 1st quarter. BOKF NA now owns 7,960 shares of the company’s stock worth $1,278,000 after purchasing an additional 7,438 shares during the period. Finally, Mount Yale Investment Advisors LLC purchased a new position in shares of Snowflake during the 1st quarter worth about $323,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.