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

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

Analysts Set New Price Targets

SNOW has been the topic of several research analyst reports. Royal Bank of Canada lifted their price target on Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Evercore ISI boosted their target price on Snowflake from $170.00 to $190.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Jefferies Financial Group boosted their target price on Snowflake from $180.00 to $200.00 and gave the company a “buy” rating in a report on Monday, December 16th. Wells Fargo & Company boosted their target price on Snowflake from $125.00 to $150.00 and gave the company an “equal weight” rating in a report on Thursday, November 21st. Finally, Piper Sandler reiterated an “overweight” rating and set a $185.00 target price on shares of Snowflake in a research report on Tuesday, December 17th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $185.03.

Snowflake Trading Up 1.0 %

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 stock has a market capitalization of $53.83 billion, a price-to-earnings ratio of -48.10 and a beta of 1.02. The firm has a 50-day moving average of $145.35 and a 200 day moving average of $131.03.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 30,000 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the completion of the sale, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at $86,610,600. This trade represents a 3.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frank Slootman sold 6,714 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $171.00, for a total value of $1,148,094.00. Following the completion of the sale, the director now directly owns 196,454 shares of the company’s stock, valued at approximately $33,593,634. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 292,614 shares of company stock valued at $48,389,953. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently bought and sold shares of the stock. Ontario Teachers Pension Plan Board increased its stake in shares of Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after purchasing an additional 2,559,144 shares during the period. Two Sigma Advisers LP grew its holdings in 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 last quarter. AQR Capital Management LLC grew its holdings in 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 last quarter. SG Americas Securities LLC grew its holdings in 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 last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in 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 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.