StockNews.com Upgrades Snowflake (NYSE:SNOW) to “Hold”

Snowflake (NYSE:SNOW) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

A number of other analysts also recently issued reports on SNOW. Rosenblatt Securities reiterated a “buy” rating and set a $180.00 price objective on shares of Snowflake in a research report on Tuesday, November 19th. Wolfe Research upgraded shares of Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price objective on the stock in a research note on Tuesday. Wedbush upgraded shares of Snowflake from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 21st. Loop Capital upped their target price on shares of Snowflake from $185.00 to $205.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $188.94.

Snowflake Stock Up 2.8 %

Shares of SNOW stock traded up $5.31 during midday trading on Tuesday, reaching $192.91. 7,295,060 shares of the stock were exchanged, compared to its average volume of 5,163,538. The company’s 50 day moving average is $172.08 and its two-hundred day moving average is $142.71. The firm has a market cap of $63.68 billion, a PE ratio of -56.91 and a beta of 1.07. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 1 year low of $107.13 and a 1 year high of $235.66.

Insider Activity

In related news, CRO Christopher William Degnan sold 76,692 shares of the business’s stock in a transaction on 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 transaction, the executive now directly owns 346,741 shares in the company, valued at $58,398,119.22. The trade was a 18.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Slootman sold 45,896 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $176.06, for a total value of $8,080,449.76. Following the transaction, the director now directly owns 208,735 shares in the company, valued at $36,749,884.10. This represents a 18.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 516,933 shares of company stock worth $88,283,752. 7.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SNOW. Toronto Dominion Bank raised its position in Snowflake by 24.1% during the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock worth $4,276,000 after buying an additional 7,239 shares during the last quarter. Prospect Financial Services LLC purchased a new position in shares of Snowflake during the fourth quarter worth $288,000. Independent Advisor Alliance lifted its position in Snowflake by 15.5% during the third quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock valued at $468,000 after purchasing an additional 548 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Snowflake by 1.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company’s stock valued at $104,028,000 after purchasing an additional 8,857 shares during the last quarter. Finally, Bourgeon Capital Management LLC acquired a new stake in Snowflake during the 4th quarter worth about $5,851,000. Institutional investors and hedge funds 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.