Snowflake’s (SNOW) Market Outperform Rating Reiterated at JMP Securities

Snowflake (NYSE:SNOW)‘s stock had its “market outperform” rating reaffirmed by research analysts at JMP Securities in a research report issued on Tuesday,Benzinga reports. They presently have a $190.00 price objective on the stock. JMP Securities’ target price points to a potential upside of 10.79% from the stock’s previous close.

A number of other equities research analysts have also weighed in on SNOW. Needham & Company LLC raised their price objective on Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Stifel Nicolaus lowered their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a report on Monday, August 19th. Wells Fargo & Company raised their price target on shares of Snowflake from $125.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 21st. Deutsche Bank Aktiengesellschaft upped their price target on shares of Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, Truist Financial reissued a “buy” rating and set a $210.00 target price on shares of Snowflake in a research note on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $181.09.

Snowflake Price Performance

SNOW stock traded down $0.93 during midday trading on Tuesday, reaching $171.49. 606,333 shares of the company’s stock traded hands, compared to its average volume of 6,776,108. The business has a 50-day moving average price of $126.17 and a two-hundred day moving average price of $128.27. The company has a market capitalization of $57.48 billion, a P/E ratio of -50.62 and a beta of 1.02. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Insider Buying and Selling at Snowflake

In other news, Director Frank Slootman sold 59,617 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $176.25, for a total value of $10,507,496.25. Following the sale, the director now directly owns 208,735 shares of the company’s stock, valued at approximately $36,789,543.75. This trade represents a 22.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Emily Ho sold 2,021 shares of Snowflake stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $173.68, for a total value of $351,007.28. Following the completion of the transaction, the chief accounting officer now directly owns 26,874 shares in the company, valued at approximately $4,667,476.32. This represents a 6.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 264,278 shares of company stock worth $42,512,248 over the last three months. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its stake in Snowflake by 1.4% in the third quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock valued at $66,086,000 after acquiring an additional 7,373 shares during the period. Synovus Financial Corp boosted its stake in shares of Snowflake by 28.6% in the 3rd quarter. Synovus Financial Corp now owns 6,077 shares of the company’s stock valued at $698,000 after purchasing an additional 1,352 shares in the last quarter. Blankinship & Foster LLC acquired a new stake in shares of Snowflake during the 3rd quarter worth about $896,000. Wilmington Savings Fund Society FSB raised its stake in shares of Snowflake by 50.3% in the third quarter. Wilmington Savings Fund Society FSB now owns 4,659 shares of the company’s stock valued at $535,000 after acquiring an additional 1,559 shares during the last quarter. Finally, Sanctuary Advisors LLC raised its position in Snowflake by 2.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 25,328 shares of the company’s stock valued at $2,909,000 after purchasing an additional 514 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

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.