Snowflake (NYSE:SNOW) Shares Gap Up on Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) gapped up before the market opened on Thursday after StockNews.com upgraded the stock from a sell rating to a hold rating. The stock had previously closed at $166.19, but opened at $187.01. Snowflake shares last traded at $180.56, with a volume of 6,228,015 shares traded.

Several other research analysts have also issued reports on the stock. Truist Financial reiterated a “buy” rating and issued a $225.00 target price (up from $210.00) on shares of Snowflake in a research report on Thursday. Rosenblatt Securities upped their price objective on Snowflake from $186.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday. Wolfe Research raised Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price objective on the stock in a report on Tuesday, February 18th. Citigroup boosted their target price on Snowflake from $225.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Cantor Fitzgerald increased their price target on shares of Snowflake from $201.00 to $228.00 and gave the company an “overweight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $202.92.

Insider Buying and Selling

In other news, CRO Christopher William Degnan sold 12,782 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $181.87, for a total transaction of $2,324,662.34. Following the sale, the executive now owns 308,164 shares in the company, valued at approximately $56,045,786.68. The trade was a 3.98 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the completion of the transaction, the executive vice president now owns 552,930 shares of the company’s stock, valued at approximately $103,121,445. The trade was a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 312,193 shares of company stock valued at $52,833,048 over the last three months. Corporate insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several hedge funds have recently bought and sold shares of SNOW. Groupama Asset Managment purchased a new position in shares of Snowflake during the third quarter valued at approximately $25,000. Stonebridge Financial Group LLC bought a new position in Snowflake during the 4th quarter valued at approximately $29,000. West Paces Advisors Inc. purchased a new position in Snowflake during the fourth quarter valued at $31,000. Spurstone Advisory Services LLC bought a new stake in Snowflake in the fourth quarter worth $31,000. Finally, Capital A Wealth Management LLC purchased a new stake in shares of Snowflake in the fourth quarter worth $31,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

The business has a 50 day moving average price of $172.98 and a 200 day moving average price of $145.14. 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 stock has a market capitalization of $57.36 billion, a PE ratio of -51.26 and a beta of 1.07.

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.