Snowflake (NYSE:SNOW) Upgraded by Wedbush to Outperform Rating

Wedbush upgraded shares of Snowflake (NYSE:SNOW) from a neutral rating to an outperform rating in a report issued on Monday morning, Marketbeat.com reports. Wedbush currently has $190.00 target price on the stock.

Several other equities research analysts have also recently commented on SNOW. Deutsche Bank Aktiengesellschaft lifted their target price on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. DA Davidson restated a “buy” rating and set a $175.00 target price on shares of Snowflake in a research report on Thursday, October 3rd. Monness Crespi & Hardt lifted their price target on shares of Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Piper Sandler reaffirmed an “overweight” rating and set a $185.00 target price (up previously from $165.00) on shares of Snowflake in a report on Thursday, November 21st. Finally, Oppenheimer reissued an “outperform” rating and issued a $180.00 price target on shares of Snowflake in a research note on Thursday, November 21st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $181.09.

Snowflake Stock Performance

Shares of SNOW stock opened at $171.60 on Monday. The stock’s fifty day moving average is $121.23 and its 200-day moving average is $127.91. Snowflake has a 52 week low of $107.13 and a 52 week high of $237.72. The stock has a market capitalization of $57.52 billion, a PE ratio of -50.62 and a beta of 0.83.

Insider Activity

In related news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the transaction, the insider now owns 53,820 shares in the company, valued at $6,156,469.80. This trade represents a 3.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 182,126 shares of company stock worth $28,058,461. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several institutional investors have recently modified their holdings of SNOW. State Street Corp raised its stake in Snowflake by 0.8% during the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after buying an additional 54,909 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Snowflake by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after buying an additional 138,663 shares in the last quarter. Two Sigma Advisers LP grew its position in shares of Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after buying an additional 881,700 shares during the period. Ontario Teachers Pension Plan Board increased its stake in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after purchasing an additional 2,559,144 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Snowflake by 11.5% in the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after buying an additional 223,936 shares during the period. 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.