Snowflake (NYSE:SNOW) Earns “Overweight” Rating from Piper Sandler

Piper Sandler restated their overweight rating on shares of Snowflake (NYSE:SNOW) in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a $185.00 target price on the stock, up from their prior target price of $165.00.

Several other analysts also recently commented on the stock. Bank of America dropped their target price on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Needham & Company LLC raised their price objective on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. Wells Fargo & Company cut their price objective on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. JMP Securities lowered their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $180.00 price target on shares of Snowflake in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Price Performance

Shares of Snowflake stock opened at $167.44 on Thursday. The company has a market capitalization of $56.13 billion, a P/E ratio of -49.39 and a beta of 0.83. The business has a 50-day moving average of $120.06 and a two-hundred day moving average of $127.80. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 558 shares of the business’s 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 completion of the sale, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. The trade was a 0.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benoit Dageville sold 1,946 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the transaction, the insider now owns 53,820 shares in the company, valued at $6,156,469.80. The trade was a 3.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock valued at $7,061,544 in the last quarter. 7.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently modified their holdings of SNOW. Comerica Bank raised its holdings in Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after acquiring an additional 4,296 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after purchasing an additional 43,062 shares in the last quarter. Cetera Investment Advisers lifted its position in Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after purchasing an additional 42,563 shares during the period. LRI Investments LLC acquired a new stake in Snowflake during the first quarter worth about $29,000. Finally, Fulton Bank N.A. increased its holdings in Snowflake by 17.4% in the 2nd quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock valued at $208,000 after buying an additional 228 shares during the period. 65.10% of the stock is currently 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.