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

Snowflake (NYSE:SNOW) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Several other equities analysts have also recently issued reports on the company. Jefferies Financial Group boosted their target price on Snowflake from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Royal Bank of Canada boosted their price target on shares of Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Wedbush cut Snowflake from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Barclays raised their target price on Snowflake from $172.00 to $190.00 and gave the company an “equal weight” rating in a research note on Friday, December 6th. Finally, Evercore ISI upped their price target on Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $187.11.

Snowflake Stock Up 1.5 %

NYSE SNOW opened at $161.16 on Wednesday. The business’s 50-day moving average is $155.48 and its 200 day moving average is $133.61. The stock has a market capitalization of $53.20 billion, a PE ratio of -47.54 and a beta of 1.05. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total value of $1,811,550.00. Following the transaction, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. The trade was a 2.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 1,712 shares of the 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 $306,448.00. Following the sale, the director now directly owns 205,965 shares of the company’s stock, valued at approximately $36,867,735. This trade represents a 0.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 376,904 shares of company stock worth $62,545,855 over the last quarter. 7.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

Several hedge funds have recently bought and sold shares of the stock. Ontario Teachers Pension Plan Board increased its position in 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 last quarter. Two Sigma Advisers LP lifted its holdings in shares of 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 acquiring an additional 881,700 shares during the last quarter. AQR Capital Management LLC grew its position in Snowflake by 210.0% in the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after acquiring an additional 660,168 shares in the last quarter. SG Americas Securities LLC increased its stake in Snowflake by 471.9% during the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after acquiring an additional 628,511 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in Snowflake by 12,318.3% during the third quarter. International Assets Investment Management LLC now owns 530,883 shares of the company’s stock valued at $60,977,000 after purchasing an additional 526,608 shares during the period. Hedge funds and other institutional investors 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.