Snowflake (NYSE:SNOW) Rating Increased to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Snowflake (NYSE:SNOW) from an equal weight rating to an overweight rating in a research report report published on Tuesday morning, Marketbeat reports. Wells Fargo & Company currently has $200.00 target price on the stock, up from their prior target price of $150.00.

SNOW has been the subject of a number of other research reports. Oppenheimer reiterated an “outperform” rating and set a $180.00 target price on shares of Snowflake in a report on Thursday, November 21st. Barclays lifted their target price on Snowflake from $172.00 to $190.00 and gave the company an “equal weight” rating in a research report on Friday, December 6th. Royal Bank of Canada raised their price target on shares of Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Citigroup cut their price objective on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research report on Monday, November 18th. Finally, StockNews.com downgraded shares of Snowflake from a “hold” rating to a “sell” rating in a research report on Thursday, November 28th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $187.11.

Snowflake Stock Up 1.5 %

Shares of SNOW stock opened at $161.16 on Tuesday. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72. 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 firm has a fifty day moving average of $155.48 and a 200-day moving average of $133.61. The company has a market capitalization of $53.20 billion, a price-to-earnings ratio of -47.54 and a beta of 1.05.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the sale, the executive vice president now owns 706,755 shares in the company, valued at $85,354,801.35. This trade represents a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 100,000 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the transaction, the director now owns 195,281 shares of the company’s stock, valued at $30,268,555. This trade represents a 33.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 376,904 shares of company stock valued at $62,545,855. 7.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Several hedge funds have recently added to or reduced their stakes in the business. TD Asset Management Inc increased its holdings in Snowflake by 13.2% in the second quarter. TD Asset Management Inc now owns 74,239 shares of the company’s stock valued at $10,029,000 after purchasing an additional 8,681 shares during the period. Private Advisor Group LLC increased its stake in shares of Snowflake by 18.3% in the second quarter. Private Advisor Group LLC now owns 30,424 shares of the company’s stock valued at $4,110,000 after buying an additional 4,714 shares during the period. Acadian Asset Management LLC raised its position in shares of Snowflake by 190.2% during the second quarter. Acadian Asset Management LLC now owns 8,652 shares of the company’s stock worth $1,166,000 after acquiring an additional 5,671 shares during the last quarter. Caprock Group LLC lifted its stake in shares of Snowflake by 146.5% in the second quarter. Caprock Group LLC now owns 6,120 shares of the company’s stock worth $827,000 after acquiring an additional 3,637 shares during the period. Finally, Ausdal Financial Partners Inc. boosted its holdings in Snowflake by 30.4% in the second quarter. Ausdal Financial Partners Inc. now owns 1,690 shares of the company’s stock valued at $228,000 after acquiring an additional 394 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Company Profile

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.