Snowflake (NYSE:SNOW) Sees Large Volume Increase Following Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) shares saw unusually-strong trading volume on Friday after Mizuho raised their price target on the stock from $165.00 to $195.00. Mizuho currently has an outperform rating on the stock. Approximately 5,931,148 shares were traded during mid-day trading, a decline of 12% from the previous session’s volume of 6,712,685 shares.The stock last traded at $174.83 and had previously closed at $171.35.

A number of other research analysts have also weighed in on SNOW. Jefferies Financial Group boosted their target price on shares of Snowflake from $145.00 to $180.00 and gave the stock a “buy” rating in a research report on Thursday. Hsbc Global Res raised Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Needham & Company LLC lifted their price objective on Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. Scotiabank lowered their price objective on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 22nd. Finally, JMP Securities decreased their price target on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the transaction, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. This represents a 3.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock valued at $7,061,544 in the last ninety days. 7.80% of the stock is owned by insiders.

Institutional Trading of Snowflake

A number of large investors have recently bought and sold shares of the business. Westside Investment Management Inc. boosted its holdings in shares of Snowflake by 47.4% in the third quarter. Westside Investment Management Inc. now owns 12,344 shares of the company’s stock valued at $1,438,000 after buying an additional 3,971 shares during the period. Rehmann Capital Advisory Group lifted its position in Snowflake by 10.9% in the 3rd quarter. Rehmann Capital Advisory Group now owns 1,932 shares of the company’s stock valued at $222,000 after acquiring an additional 190 shares in the last quarter. Sunbelt Securities Inc. boosted its stake in Snowflake by 2.6% in the 3rd quarter. Sunbelt Securities Inc. now owns 5,535 shares of the company’s stock worth $636,000 after purchasing an additional 142 shares during the period. Toronto Dominion Bank increased its holdings in Snowflake by 24.1% during the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock worth $4,276,000 after purchasing an additional 7,239 shares in the last quarter. Finally, Shaolin Capital Management LLC bought a new position in Snowflake during the 3rd quarter worth about $345,000. 65.10% of the stock is owned by institutional investors.

Snowflake Trading Up 0.3 %

The stock has a market cap of $57.60 billion, a price-to-earnings ratio of -55.90 and a beta of 0.83. The company has a 50 day simple moving average of $118.98 and a 200-day simple moving average of $128.19.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter last year, the firm earned ($0.52) EPS. Snowflake’s revenue for the quarter was up 28.9% compared to the same quarter last year. Equities analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

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.