Snowflake (NYSE:SNOW) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Snowflake Inc. (NYSE:SNOW) saw unusually-strong trading volume on Friday after Mizuho raised their price target on the stock from $165.00 to $195.00. Mizuho currently has an outperform rating on the stock. Approximately 5,931,148 shares were traded during trading, a decline of 12% from the previous session’s volume of 6,712,685 shares.The stock last traded at $174.83 and had previously closed at $171.35.

A number of other equities analysts have also recently commented on SNOW. Stifel Nicolaus reduced their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Royal Bank of Canada boosted their target price on shares of Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a research report on Thursday. UBS Group reduced their target price on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and boosted their target price for the company from $119.00 to $121.00 in a research report on Friday, August 23rd. Finally, Monness Crespi & Hardt boosted their target price on shares of Snowflake from $140.00 to $188.00 and gave the company a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $180.23.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 558 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $61,357.68. Following the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. This trade represents a 0.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Slootman sold 1,606 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,061,544 over the last ninety days. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Large investors have recently modified their holdings of the company. LRI Investments LLC lifted its stake in Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after acquiring an additional 112 shares in the last quarter. Groupama Asset Managment bought a new stake in shares of Snowflake during the 3rd quarter worth $25,000. Wellington Shields Capital Management LLC bought a new stake in shares of Snowflake during the 2nd quarter worth $27,000. V Square Quantitative Management LLC bought a new stake in shares of Snowflake during the 3rd quarter worth $30,000. Finally, Fortitude Family Office LLC bought a new stake in shares of Snowflake during the 3rd quarter worth $34,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Stock Performance

The company has a market capitalization of $56.14 billion, a P/E ratio of -54.73 and a beta of 0.83. The stock has a 50 day moving average price of $120.06 and a 200 day moving average price of $128.22.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same period in the previous year, the business posted ($0.52) EPS. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, sell-side analysts expect that Snowflake Inc. will post -2.41 earnings per share for the current year.

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.