Snowflake (NYSE:SNOW) Trading Up 1% – Still a Buy?

Shares of Snowflake Inc. (NYSE:SNOW) were up 1% on Wednesday . The stock traded as high as $163.69 and last traded at $163.06. Approximately 1,754,277 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 6,752,615 shares. The stock had previously closed at $161.44.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SNOW shares. Piper Sandler restated an “overweight” rating and issued a $185.00 price objective on shares of Snowflake in a report on Tuesday, December 17th. Argus started coverage on Snowflake in a report on Tuesday, October 1st. They issued a “hold” rating for the company. Mizuho lifted their price objective on Snowflake from $165.00 to $195.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Royal Bank of Canada lifted their price objective on Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Finally, Evercore ISI boosted their target price on shares of Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $185.03.

Snowflake Stock Up 1.0 %

The firm has a market capitalization of $53.83 billion, a price-to-earnings ratio of -48.10 and a beta of 1.02. The business has a 50 day simple moving average of $145.35 and a 200-day simple moving average of $131.03. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Insider Transactions at Snowflake

In related news, CRO Christopher William Degnan sold 76,692 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the completion of the transaction, the executive now directly owns 346,741 shares in the company, valued at $58,398,119.22. This trade represents a 18.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Christian Kleinerman sold 861 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $165.31, for a total value of $142,331.91. Following the transaction, the executive vice president now owns 582,930 shares of the company’s stock, valued at $96,364,158.30. This trade represents a 0.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 292,614 shares of company stock worth $48,389,953. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently bought and sold shares of SNOW. Ontario Teachers Pension Plan Board boosted its holdings in Snowflake by 19,399.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after acquiring an additional 2,559,144 shares during the period. Two Sigma Advisers LP boosted its stake in shares of Snowflake by 27.9% in the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after buying an additional 881,700 shares during the period. AQR Capital Management LLC boosted its stake in shares of Snowflake by 210.0% in the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after buying an additional 660,168 shares during the period. SG Americas Securities LLC boosted its stake in shares of Snowflake by 471.9% in the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock valued at $87,489,000 after buying an additional 628,511 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Snowflake by 90.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock valued at $170,938,000 after buying an additional 600,469 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Company Profile

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.