Snowflake (NYSE:SNOW) Upgraded by Wedbush to Strong-Buy Rating

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

Several other equities research analysts have also issued reports on the company. Argus started coverage on Snowflake in a research note on Tuesday, October 1st. They issued a “hold” rating for the company. Scotiabank raised their price target on Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research report on Monday, December 9th. KeyCorp lifted their price objective on shares of Snowflake from $185.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Bank of America increased their target price on shares of Snowflake from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, November 21st. Finally, StockNews.com cut shares of Snowflake from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $188.06.

Snowflake Stock Up 2.3 %

Shares of NYSE SNOW opened at $177.54 on Tuesday. 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 12-month low of $107.13 and a 12-month high of $237.72. The firm’s 50-day moving average price is $163.96 and its 200-day moving average price is $135.63. The stock has a market capitalization of $58.61 billion, a price-to-earnings ratio of -52.37 and a beta of 1.05.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the sale, the executive vice president now owns 706,755 shares in the company, valued at approximately $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $8,080,449.76. Following the transaction, the director now owns 208,735 shares in the company, valued at approximately $36,749,884.10. This trade represents a 18.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 376,904 shares of company stock valued at $62,545,855. Corporate insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently made changes to their positions in SNOW. Groupama Asset Managment purchased a new position in Snowflake in the 3rd quarter worth $25,000. V Square Quantitative Management LLC purchased a new position in shares of Snowflake in the third quarter worth about $30,000. Fortitude Family Office LLC acquired a new stake in shares of Snowflake during the third quarter worth about $34,000. Perkins Coie Trust Co boosted its position in Snowflake by 136.3% in the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock valued at $37,000 after buying an additional 139 shares during the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new position in Snowflake in the 4th quarter worth approximately $38,000. 65.10% of the stock is owned by hedge funds and other 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.