Snowflake (NYSE:SNOW) Upgraded by Wells Fargo & Company to Overweight Rating

Snowflake (NYSE:SNOW) was upgraded by stock analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report issued on Tuesday, MarketBeat reports. The brokerage currently has a $200.00 price objective on the stock, up from their prior price objective of $150.00. Wells Fargo & Company‘s price target points to a potential upside of 24.10% from the stock’s previous close.

Several other research analysts have also recently issued reports on the stock. UBS Group cut their target price on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Needham & Company LLC boosted their price objective on shares of Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Truist Financial reiterated a “buy” rating and set a $210.00 target price on shares of Snowflake in a report on Thursday, November 21st. Finally, Bank of America boosted their price target on Snowflake from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $187.11.

Snowflake Trading Up 1.5 %

Shares of SNOW stock opened at $161.16 on Tuesday. 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 business has a 50-day moving average of $154.55 and a 200 day moving average of $133.42. The stock has a market capitalization of $53.20 billion, a PE ratio of -47.54 and a beta of 1.05. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72.

Insider Activity

In related news, Director Frank Slootman sold 45,896 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $176.06, for a total value of $8,080,449.76. Following the sale, the director now owns 208,735 shares in the company, valued at approximately $36,749,884.10. This trade represents a 18.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Christopher William Degnan sold 12,782 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $157.24, for a total transaction of $2,009,841.68. Following the sale, the executive now owns 311,999 shares of the company’s stock, valued at approximately $49,058,722.76. This represents a 3.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 376,904 shares of company stock worth $62,545,855 over the last 90 days. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snowflake

Large investors have recently made changes to their positions in the company. Toronto Dominion Bank boosted its holdings in shares of Snowflake by 24.1% in the third quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock worth $4,276,000 after buying an additional 7,239 shares during the last quarter. Independent Advisor Alliance boosted its stake in shares of Snowflake by 15.5% during the 3rd quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock worth $468,000 after acquiring an additional 548 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Snowflake by 1.4% during the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock valued at $66,086,000 after acquiring an additional 7,373 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Snowflake by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,247,511 shares of the company’s stock worth $143,289,000 after purchasing an additional 36,704 shares in the last quarter. Finally, Sender Co & Partners Inc. raised its holdings in Snowflake by 100.9% in the 3rd quarter. Sender Co & Partners Inc. now owns 8,522 shares of the company’s stock worth $979,000 after purchasing an additional 4,280 shares during the period. 65.10% of the stock is currently owned by institutional investors.

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.