Snowflake (NYSE:SNOW) Shares Up 0.1% Following Analyst Upgrade

Shares of Snowflake Inc. (NYSE:SNOW) rose 0.1% on Friday after Barclays raised their price target on the stock from $172.00 to $190.00. Barclays currently has an equal weight rating on the stock. Snowflake traded as high as $186.90 and last traded at $183.17. Approximately 1,580,412 shares traded hands during trading, a decline of 77% from the average daily volume of 6,801,513 shares. The stock had previously closed at $183.06.

Other research analysts have also issued reports about the company. Loop Capital reduced their target price on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st. UBS Group reduced their target price on Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 target price on shares of Snowflake in a report on Thursday, August 22nd. StockNews.com lowered Snowflake from a “hold” rating to a “sell” rating in a report on Thursday, November 28th. Finally, Argus began coverage on Snowflake in a report on Tuesday, October 1st. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $182.31.

Insider Buying and Selling at Snowflake

In related news, Director Frank Slootman sold 1,606 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benoit Dageville sold 1,946 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 294,278 shares of company stock worth $47,825,233 over the last ninety days. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently modified their holdings of SNOW. LRI Investments LLC grew its stake in shares of Snowflake by 155.6% in the second 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 acquired a new position in shares of Snowflake in the third quarter valued at about $25,000. Wellington Shields Capital Management LLC acquired a new stake in Snowflake during the second quarter worth about $27,000. V Square Quantitative Management LLC acquired a new stake in Snowflake during the third quarter worth about $30,000. Finally, Fortitude Family Office LLC acquired a new stake in Snowflake during the third quarter worth about $34,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Price Performance

The stock has a market capitalization of $61.52 billion, a price-to-earnings ratio of -54.41 and a beta of 1.03. The company has a quick ratio of 1.58, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The business’s 50 day simple moving average is $131.51 and its 200-day simple moving average is $129.20.

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.