Snowflake (NYSE:SNOW) Upgraded by Wells Fargo & Company to “Overweight” Rating

Wells Fargo & Company upgraded shares of Snowflake (NYSE:SNOW) from an equal weight rating to an overweight rating in a research note released on Tuesday, Marketbeat reports. Wells Fargo & Company currently has $200.00 target price on the stock, up from their prior target price of $150.00.

Other analysts have also issued research reports about the company. Monness Crespi & Hardt upped their target price on Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Scotiabank raised their price objective on Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a research report on Monday, December 9th. Royal Bank of Canada boosted their target price on shares of Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. DA Davidson restated a “buy” rating and issued a $175.00 price target on shares of Snowflake in a report on Thursday, October 3rd. Finally, Piper Sandler boosted their price objective on shares of Snowflake from $185.00 to $208.00 and gave the stock an “overweight” rating in a research note on Monday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $187.11.

Snowflake Stock Performance

Shares of Snowflake stock opened at $158.85 on Tuesday. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The stock’s fifty day moving average price is $153.71 and its 200-day moving average price is $133.22. The firm has a market cap of $52.44 billion, a P/E ratio of -46.86 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.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 100,000 shares of the firm’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $155.00, for a total value of $15,500,000.00. Following the completion of the transaction, the director now directly owns 195,281 shares in the company, valued at $30,268,555. This trade represents a 33.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $179.00, for a total transaction of $99,882.00. Following the sale, the executive vice president now owns 690,647 shares in the company, valued at $123,625,813. This represents a 0.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 406,904 shares of company stock worth $66,145,855 over the last ninety days. 7.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Diversified Trust Co lifted its position in shares of Snowflake by 174.8% in the fourth quarter. Diversified Trust Co now owns 4,906 shares of the company’s stock worth $758,000 after purchasing an additional 3,121 shares in the last quarter. Doliver Advisors LP lifted its position in shares of Snowflake by 268.7% in the fourth quarter. Doliver Advisors LP now owns 8,262 shares of the company’s stock worth $1,276,000 after buying an additional 6,021 shares during the last quarter. Nordea Investment Management AB boosted its position in Snowflake by 2.3% during the fourth quarter. Nordea Investment Management AB now owns 23,911 shares of the company’s stock worth $3,682,000 after purchasing an additional 536 shares during the period. Everence Capital Management Inc. acquired a new position in Snowflake in the 4th quarter valued at $1,390,000. Finally, GAMMA Investing LLC boosted its stake in Snowflake by 59.6% during the 4th quarter. GAMMA Investing LLC now owns 391 shares of the company’s stock valued at $60,000 after purchasing an additional 146 shares during the period. 65.10% of the stock is currently 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.