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

Snowflake (NYSE:SNOW) was upgraded by stock analysts at Wedbush from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

SNOW has been the topic of several other reports. Jefferies Financial Group upped their price objective on Snowflake from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, December 16th. DA Davidson reiterated a “buy” rating and set a $175.00 price objective on shares of Snowflake in a research report on Thursday, October 3rd. KeyCorp lifted their price objective on shares of Snowflake from $185.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Piper Sandler upped their target price on shares of Snowflake from $185.00 to $208.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, UBS Group dropped their price target on Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target of $188.06.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $177.54 on Tuesday. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The firm has a fifty day moving average price of $163.96 and a 200 day moving average price of $135.63. The firm has a market cap of $58.61 billion, a price-to-earnings ratio of -52.37 and a beta of 1.05.

Insider Activity

In other news, Director Frank Slootman sold 100,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $155.00, for a total value of $15,500,000.00. Following the completion of the transaction, the director now owns 195,281 shares of the company’s stock, valued at $30,268,555. The trade was a 33.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 558 shares of Snowflake stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $179.00, for a total value of $99,882.00. Following the transaction, the executive vice president now owns 690,647 shares of the company’s stock, valued at approximately $123,625,813. This represents a 0.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 376,904 shares of company stock valued at $62,545,855 over the last ninety days. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in SNOW. Toronto Dominion Bank lifted its position in shares of Snowflake by 24.1% during the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after buying an additional 7,239 shares in the last quarter. Independent Advisor Alliance lifted its holdings in Snowflake by 15.5% during the third quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock valued at $468,000 after purchasing an additional 548 shares in the last quarter. Bourgeon Capital Management LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at about $5,851,000. Franklin Resources Inc. increased its stake in shares of Snowflake by 1.4% during the third quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock worth $66,086,000 after purchasing an additional 7,373 shares in the last quarter. Finally, Westend Capital Management LLC purchased a new position in Snowflake in the 4th quarter valued at about $10,550,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.