Snowflake (NYSE:SNOW) Upgraded to “Strong-Buy” at Wedbush

Wedbush upgraded shares of Snowflake (NYSE:SNOW) from a hold rating to a strong-buy rating in a report published on Tuesday,Zacks.com reports.

A number of other brokerages have also recently issued reports on SNOW. Loop Capital lifted their price target on shares of Snowflake from $185.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. Citigroup dropped their price target on Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research report on Monday, November 18th. Oppenheimer raised their price objective on Snowflake from $180.00 to $200.00 and gave the company an “outperform” rating in a research report on Monday, January 13th. Scotiabank boosted their target price on Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a report on Monday, December 9th. Finally, DA Davidson restated a “buy” rating and set a $175.00 price target on shares of Snowflake in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $188.06.

Snowflake Stock Performance

Shares of Snowflake stock opened at $177.54 on Tuesday. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The firm has a market capitalization of $58.61 billion, a P/E ratio of -52.37 and a beta of 1.05. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The business has a fifty day simple moving average of $163.96 and a two-hundred day simple moving average of $135.63.

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 45,896 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $176.06, for a total value of $8,080,449.76. Following the completion of the sale, the director now owns 208,735 shares in the company, valued at approximately $36,749,884.10. This represents a 18.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the transaction, the executive vice president now owns 706,755 shares in the company, valued at $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 376,904 shares of company stock valued at $62,545,855 over the last quarter. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

Several institutional investors have recently made changes to their positions in the business. Toronto Dominion Bank increased its holdings in Snowflake by 24.1% in the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after acquiring an additional 7,239 shares during the last quarter. Independent Advisor Alliance increased its holdings in shares of Snowflake by 15.5% in the third quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock worth $468,000 after purchasing an additional 548 shares during the last quarter. Bourgeon Capital Management LLC purchased a new stake in shares of Snowflake in the fourth quarter worth about $5,851,000. Franklin Resources Inc. boosted its stake in Snowflake by 1.4% during the third quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock valued at $66,086,000 after buying an additional 7,373 shares during the last quarter. Finally, Westend Capital Management LLC purchased a new position in Snowflake during the 4th quarter valued at approximately $10,550,000. Hedge funds and other 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.