Snowflake (NYSE:SNOW) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Snowflake (NYSE:SNOW) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.

Several other brokerages also recently issued reports on SNOW. Wells Fargo & Company raised Snowflake from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $150.00 to $200.00 in a research report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. 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. Wolfe Research upgraded shares of Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 target price for the company in a research note on Tuesday. Finally, Needham & Company LLC raised their price target on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and a consensus target price of $192.08.

Snowflake Trading Down 0.6 %

Snowflake stock opened at $185.35 on Tuesday. The company has a market capitalization of $61.18 billion, a price-to-earnings ratio of -54.68 and a beta of 1.07. The company’s fifty day moving average price is $172.68 and its two-hundred day moving average price is $143.31. Snowflake has a one year low of $107.13 and a one year high of $235.66. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Insiders Place Their Bets

In other news, CRO Christopher William Degnan sold 12,782 shares of Snowflake stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $181.87, for a total transaction of $2,324,662.34. Following the transaction, the executive now directly owns 308,164 shares of the company’s stock, valued at $56,045,786.68. This trade represents a 3.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the transaction, the executive vice president now directly owns 552,930 shares in the company, valued at approximately $103,121,445. This represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 394,345 shares of company stock valued at $67,286,835. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Asset Dedication LLC boosted its position in shares of Snowflake by 6.8% during the fourth quarter. Asset Dedication LLC now owns 922 shares of the company’s stock worth $142,000 after purchasing an additional 59 shares in the last quarter. Quarry LP lifted its position in Snowflake by 9.8% in the 4th quarter. Quarry LP now owns 662 shares of the company’s stock valued at $102,000 after acquiring an additional 59 shares in the last quarter. Breakwater Capital Group lifted its position in Snowflake by 2.2% in the 4th quarter. Breakwater Capital Group now owns 2,938 shares of the company’s stock valued at $454,000 after acquiring an additional 62 shares in the last quarter. Gabelli Funds LLC lifted its position in Snowflake by 3.3% in the 4th quarter. Gabelli Funds LLC now owns 2,050 shares of the company’s stock valued at $317,000 after acquiring an additional 65 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its position in Snowflake by 0.6% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,191 shares of the company’s stock valued at $2,077,000 after acquiring an additional 69 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Snowflake Company Profile

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.