Snowflake (NYSE:SNOW) Shares Up 1.7% After Analyst Upgrade

Snowflake Inc. (NYSE:SNOW)’s share price shot up 1.7% on Monday after Jefferies Financial Group raised their price target on the stock from $180.00 to $200.00. Jefferies Financial Group currently has a buy rating on the stock. Snowflake traded as high as $173.40 and last traded at $170.52. 1,857,493 shares were traded during mid-day trading, a decline of 73% from the average session volume of 6,780,097 shares. The stock had previously closed at $167.67.

Several other research analysts have also weighed in on SNOW. Wedbush upgraded shares of Snowflake from a “neutral” rating to an “outperform” rating and set a $190.00 price objective on the stock in a research note on Monday, November 25th. Oppenheimer restated an “outperform” rating and set a $180.00 price target on shares of Snowflake in a research note on Thursday, November 21st. Truist Financial restated a “buy” rating and set a $210.00 price target on shares of Snowflake in a research note on Thursday, November 21st. Canaccord Genuity Group dropped their price target on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, Bank of America increased their price target on shares of Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, November 21st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $184.46.

Insider Buying and Selling at Snowflake

In other news, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the transaction, the insider now directly owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This trade represents a 0.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 30,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the transaction, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at $86,610,600. The trade was a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 283,158 shares of company stock valued at $46,709,467 in the last ninety days. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently made changes to their positions in the business. Oddo BHF Asset Management Sas acquired a new stake in shares of Snowflake during the 3rd quarter worth about $12,145,000. Garde Capital Inc. increased its position in shares of Snowflake by 9.5% during the 3rd quarter. Garde Capital Inc. now owns 6,050 shares of the company’s stock worth $695,000 after purchasing an additional 526 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Snowflake by 1.4% during the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock worth $66,086,000 after purchasing an additional 7,373 shares in the last quarter. Synovus Financial Corp increased its position in shares of Snowflake by 28.6% during the 3rd quarter. Synovus Financial Corp now owns 6,077 shares of the company’s stock worth $698,000 after purchasing an additional 1,352 shares in the last quarter. Finally, Blankinship & Foster LLC acquired a new stake in shares of Snowflake during the 3rd quarter worth about $896,000. 65.10% of the stock is owned by institutional investors.

Snowflake Stock Up 2.9 %

The firm has a market cap of $56.97 billion, a price-to-earnings ratio of -50.91 and a beta of 1.03. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The business’s 50-day moving average is $140.12 and its 200-day moving average is $129.75.

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.