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

Snowflake Inc. (NYSE:SNOW) was up 0.8% during trading 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. Approximately 731,616 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 6,747,990 shares. The stock had previously closed at $161.44.

SNOW has been the topic of several other reports. Barclays lifted their price objective on shares of Snowflake from $172.00 to $190.00 and gave the company an “equal weight” rating in a report on Friday, December 6th. Evercore ISI boosted their price target on Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. UBS Group decreased their price target on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Piper Sandler reissued an “overweight” rating and issued a $185.00 price objective on shares of Snowflake in a research report on Tuesday, December 17th. Finally, Bank of America upped their target price on Snowflake from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.03.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 45,896 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 208,735 shares in the company, valued at approximately $36,749,884.10. The trade was a 18.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $180.00, for a total value of $2,700,000.00. Following the transaction, the executive vice president now directly owns 691,755 shares of the company’s stock, valued at approximately $124,515,900. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 292,614 shares of company stock valued at $48,389,953. 7.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently modified their holdings of the stock. Modus Advisors LLC increased 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 acquiring an additional 94 shares during the last quarter. Catalyst Private Wealth LLC increased its position 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 purchasing an additional 104 shares during the last quarter. Clear Creek Financial Management LLC raised its stake in shares of Snowflake by 6.7% during the 3rd quarter. Clear Creek Financial Management LLC now owns 1,829 shares of the company’s stock worth $210,000 after purchasing an additional 115 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Snowflake by 16.2% during 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 last quarter. Finally, Alta Wealth Advisors LLC grew its stake in shares of Snowflake by 3.9% in the 3rd quarter. Alta Wealth Advisors LLC now owns 3,210 shares of the company’s stock valued at $369,000 after buying an additional 121 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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 market capitalization of $53.83 billion, a price-to-earnings ratio of -48.10 and a beta of 1.02. The stock’s 50 day simple moving average is $144.54 and its 200-day simple moving average is $130.80.

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.