StockNews.com Upgrades Snowflake (NYSE:SNOW) to “Hold”

Snowflake (NYSE:SNOW) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

Other analysts also recently issued research reports about the company. Jefferies Financial Group raised their price target on Snowflake from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Mizuho raised their target price on Snowflake from $165.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. JMP Securities restated a “market outperform” rating and issued a $190.00 price target on shares of Snowflake in a research note on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft boosted their price objective on Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, Bank of America raised their target price on Snowflake from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus target price of $187.11.

Snowflake Stock Performance

SNOW traded up $2.32 on Wednesday, hitting $161.16. 5,405,773 shares of the company’s stock were exchanged, compared to its average volume of 4,587,531. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a fifty day moving average of $154.55 and a two-hundred day moving average of $133.42. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The firm has a market cap of $53.20 billion, a PE ratio of -47.54 and a beta of 1.05.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the sale, the executive vice president now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 1,712 shares of Snowflake stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $179.00, for a total value of $306,448.00. Following the transaction, the director now directly owns 205,965 shares in the company, valued at approximately $36,867,735. This trade represents a 0.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 406,904 shares of company stock valued at $66,145,855. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank increased its stake 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 acquiring an additional 7,239 shares during the last quarter. Independent Advisor Alliance grew its stake in Snowflake by 15.5% in 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. Franklin Resources Inc. increased its position 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. Charles Schwab Investment Management Inc. increased its position in 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 during the last quarter. Finally, Sender Co & Partners Inc. raised its stake in shares of Snowflake by 100.9% during 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 in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.