Snowflake (NYSE:SNOW) Raised to Buy at BTIG Research

Snowflake (NYSE:SNOW) was upgraded by analysts at BTIG Research from a “neutral” rating to a “buy” rating in a research note issued on Thursday, MarketBeat reports. The brokerage presently has a $220.00 price target on the stock. BTIG Research’s target price would indicate a potential upside of 23.74% from the company’s current price.

A number of other analysts also recently weighed in on the stock. UBS Group raised their price target on shares of Snowflake from $155.00 to $190.00 and gave the stock a “neutral” rating in a research report on Wednesday. Needham & Company LLC raised their target price on Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Wedbush upgraded shares of Snowflake from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 21st. Wells Fargo & Company upgraded shares of Snowflake from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $150.00 to $200.00 in a research note on Tuesday, January 7th. Finally, TD Cowen lifted their target price on Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-nine have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $192.89.

Snowflake Stock Down 3.9 %

Shares of NYSE:SNOW opened at $177.79 on Thursday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 52-week low of $107.13 and a 52-week high of $235.66. The company has a 50 day moving average of $172.88 and a two-hundred day moving average of $143.76. The company has a market capitalization of $58.69 billion, a price-to-earnings ratio of -52.45 and a beta of 1.07.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $180.00, for a total transaction of $2,700,000.00. Following the completion of the transaction, the executive vice president now directly owns 691,755 shares in the company, valued at approximately $124,515,900. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $174.06, for a total value of $2,224,834.92. Following the transaction, the executive now owns 323,731 shares of the company’s stock, valued at approximately $56,348,617.86. The trade was a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 394,345 shares of company stock worth $67,286,835 over the last ninety days. 7.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

Hedge funds have recently made changes to their positions in the business. Stonebridge Financial Group LLC acquired a new stake in Snowflake during the 4th quarter worth approximately $29,000. West Paces Advisors Inc. bought a new position in Snowflake during the 4th quarter worth $31,000. Spurstone Advisory Services LLC bought a new position in Snowflake during the 4th quarter worth $31,000. Colonial Trust Co SC bought a new position in Snowflake during the 4th quarter worth $33,000. Finally, Quadrant Capital Group LLC increased its stake in Snowflake by 74.6% during the 4th quarter. Quadrant Capital Group LLC now owns 213 shares of the company’s stock worth $33,000 after acquiring an additional 91 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

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.