Snowflake (NYSE:SNOW) Raised to “Outperform” at Wolfe Research

Snowflake (NYSE:SNOW) was upgraded by equities researchers at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The firm currently has a $235.00 price objective on the stock. Wolfe Research’s price target would indicate a potential upside of 25.09% from the stock’s previous close.

A number of other brokerages also recently issued reports on SNOW. Citigroup lowered their price target on Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a report on Monday, November 18th. 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 report on Monday, January 6th. Truist Financial reiterated a “buy” rating and set a $210.00 price target on shares of Snowflake in a research note on Thursday, November 21st. Cantor Fitzgerald began coverage on shares of Snowflake in a research note on Friday, January 17th. They issued an “overweight” rating and a $201.00 price objective for the company. Finally, Scotiabank lifted their target price on Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research report on Monday, December 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $188.94.

Snowflake Stock Down 2.5 %

Shares of NYSE SNOW opened at $187.86 on Tuesday. The business has a 50-day moving average of $171.66 and a two-hundred day moving average of $142.19. The company has a market capitalization of $62.01 billion, a price-to-earnings ratio of -55.42 and a beta of 1.07. Snowflake has a 1 year low of $107.13 and a 1 year high of $236.33. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Insider Activity

In related news, CAO Emily Ho sold 2,021 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $173.68, for a total value of $351,007.28. Following the sale, the chief accounting officer now directly owns 26,874 shares of the company’s stock, valued at approximately $4,667,476.32. This represents a 6.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frank Slootman sold 45,896 shares of Snowflake stock in a transaction dated 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 transaction, the director now owns 208,735 shares of the company’s stock, valued at approximately $36,749,884.10. The trade was a 18.02 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 516,933 shares of company stock worth $88,283,752. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Large investors have recently modified their holdings of the business. Pinnacle Investment Management Ltd purchased a new stake in Snowflake in the 4th quarter valued at approximately $3,088,000. Elequin Capital LP lifted its position in shares of Snowflake by 290.9% in the fourth quarter. Elequin Capital LP now owns 301 shares of the company’s stock valued at $46,000 after acquiring an additional 224 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new stake in shares of Snowflake during the fourth quarter valued at $335,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Snowflake by 16.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,253,476 shares of the company’s stock worth $347,959,000 after purchasing an additional 317,697 shares in the last quarter. Finally, Woodline Partners LP raised its stake in Snowflake by 0.5% in the 4th quarter. Woodline Partners LP now owns 504,307 shares of the company’s stock valued at $77,870,000 after purchasing an additional 2,677 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.