Snowflake (NYSE:SNOW) Rating Increased to Strong-Buy at Cantor Fitzgerald

Snowflake (NYSE:SNOW) was upgraded by stock analysts at Cantor Fitzgerald to a “strong-buy” rating in a research report issued on Thursday, MarketBeat reports. The firm presently has a $201.00 target price on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 17.62% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Evercore ISI lifted their price objective on Snowflake from $170.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. KeyCorp boosted their price target on shares of Snowflake from $185.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Piper Sandler raised their price objective on shares of Snowflake from $185.00 to $208.00 and gave the company an “overweight” rating in a report on Monday, January 6th. JMP Securities reiterated a “market outperform” rating and set a $190.00 target price on shares of Snowflake in a research note on Tuesday, December 3rd. Finally, Argus initiated coverage on Snowflake in a research note on Tuesday, October 1st. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $188.06.

Snowflake Stock Performance

Shares of SNOW stock opened at $170.89 on Thursday. The firm has a 50 day moving average of $160.11 and a two-hundred day moving average of $134.83. The stock has a market capitalization of $56.41 billion, a PE ratio of -50.41 and a beta of 1.05. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 52 week low of $107.13 and a 52 week high of $237.72.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 45,896 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. This represents a 2.08 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 376,904 shares of company stock worth $62,545,855. Corporate insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently added to or reduced their stakes in the business. New Century Financial Group LLC purchased a new stake in shares of Snowflake in the fourth quarter valued at about $267,000. Spinnaker Investment Group LLC acquired a new position in shares of Snowflake during the 4th quarter worth approximately $226,000. IVC Wealth Advisors LLC purchased a new stake in Snowflake in the 4th quarter valued at approximately $244,000. Donoghue Forlines LLC grew its holdings in Snowflake by 168.1% during the 4th quarter. Donoghue Forlines LLC now owns 12,424 shares of the company’s stock valued at $1,918,000 after buying an additional 7,790 shares during the last quarter. Finally, Avior Wealth Management LLC increased its position in Snowflake by 182.0% during the fourth quarter. Avior Wealth Management LLC now owns 313 shares of the company’s stock worth $48,000 after buying an additional 202 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

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.