Snowflake (NYSE:SNOW) Trading 0.9% Higher – Still a Buy?

Snowflake Inc. (NYSE:SNOW) shares rose 0.9% during mid-day trading on Wednesday . The company traded as high as $174.10 and last traded at $173.04. Approximately 1,701,687 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 6,800,299 shares. The stock had previously closed at $171.55.

Analyst Ratings Changes

A number of analysts recently issued reports on SNOW shares. Piper Sandler restated an “overweight” rating and issued a $185.00 price target (up previously from $165.00) on shares of Snowflake in a research note on Thursday, November 21st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Barclays boosted their price objective on Snowflake from $172.00 to $190.00 and gave the company an “equal weight” rating in a report on Friday, December 6th. Stifel Nicolaus cut their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. 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. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $183.89.

Snowflake Stock Performance

The company has a market capitalization of $57.05 billion, a price-to-earnings ratio of -51.04 and a beta of 1.03. The firm’s 50 day simple moving average is $135.44 and its 200-day simple moving average is $129.15. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 3,029 shares of Snowflake stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $346,487.31. Following the completion of the sale, the executive vice president now directly owns 753,464 shares in the company, valued at $86,188,746.96. The trade was a 0.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benoit Dageville sold 287 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the transaction, the insider now owns 53,250 shares in the company, valued at $5,932,582.50. This represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 292,114 shares of company stock valued at $47,587,279. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SNOW. Oddo BHF Asset Management Sas acquired a new stake in shares of Snowflake in the third quarter worth about $12,145,000. Garde Capital Inc. raised its stake in shares of Snowflake by 9.5% in the 3rd quarter. Garde Capital Inc. now owns 6,050 shares of the company’s stock valued at $695,000 after acquiring an additional 526 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Snowflake by 1.4% in the 3rd 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 during the last quarter. Synovus Financial Corp boosted its position in Snowflake by 28.6% during the third quarter. Synovus Financial Corp now owns 6,077 shares of the company’s stock worth $698,000 after purchasing an additional 1,352 shares during the period. Finally, Blankinship & Foster LLC bought a new position in shares of Snowflake in the third quarter valued at approximately $896,000. Institutional investors 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.