Snowflake (NYSE:SNOW) Stock Price Up 0.9% – Time to Buy?

Snowflake Inc. (NYSE:SNOW) rose 0.9% during trading on Wednesday . The company traded as high as $174.10 and last traded at $173.04. Approximately 1,701,687 shares were traded during trading, a decline of 75% from the average daily volume of 6,800,299 shares. The stock had previously closed at $171.55.

Wall Street Analysts Forecast Growth

SNOW has been the topic of a number of recent research reports. Royal Bank of Canada increased their price target on shares of Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Scotiabank increased their price objective on Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a research note on Monday. DA Davidson reissued a “buy” rating and set a $175.00 price objective on shares of Snowflake in a research note on Thursday, October 3rd. Argus assumed coverage on Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $180.00 price objective on shares of Snowflake in a report on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $183.89.

Snowflake Trading Down 1.4 %

The company has a market capitalization of $55.35 billion, a P/E ratio of -49.47 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 stock has a fifty day moving average of $137.88 and a 200 day moving average of $129.73.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 6,251 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $715,051.89. Following the completion of the transaction, the director now owns 208,735 shares in the company, valued at approximately $23,877,196.65. This represents a 2.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction on 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 sale, the insider now owns 53,250 shares in the company, valued at approximately $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 294,384 shares of company stock valued at $47,993,609 over the last three months. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Large investors have recently added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board raised its position in shares of 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 buying an additional 2,559,144 shares in the last quarter. Two Sigma Advisers LP raised its position in Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after purchasing an additional 881,700 shares during the period. AQR Capital Management LLC lifted 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 purchasing an additional 660,168 shares during the last quarter. SG Americas Securities LLC boosted its holdings 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 worth $87,489,000 after purchasing an additional 628,511 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in shares of Snowflake by 90.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock valued at $170,938,000 after purchasing an additional 600,469 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

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.