Snowflake (NYSE:SNOW) Shares Gap Up on Analyst Upgrade

Snowflake Inc. (NYSE:SNOW)’s share price gapped up before the market opened on Thursday after StockNews.com upgraded the stock from a sell rating to a hold rating. The stock had previously closed at $166.19, but opened at $187.01. Snowflake shares last traded at $180.56, with a volume of 6,228,015 shares changing hands.

Several other equities research analysts have also commented on SNOW. Bank of America upped their price target on shares of Snowflake from $185.00 to $205.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Truist Financial reaffirmed a “buy” rating and set a $225.00 target price (up from $210.00) on shares of Snowflake in a report on Thursday. Monness Crespi & Hardt increased their price target on shares of Snowflake from $188.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday. JMP Securities reissued a “market outperform” rating and set a $190.00 price objective on shares of Snowflake in a research report on Tuesday, December 3rd. Finally, Mizuho raised their target price on Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $202.92.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total value of $2,797,500.00. Following the sale, the executive vice president now owns 552,930 shares of the company’s stock, valued at approximately $103,121,445. This represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 100,000 shares of Snowflake stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the transaction, the director now directly owns 195,281 shares of the company’s stock, valued at approximately $30,268,555. This represents a 33.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 312,193 shares of company stock worth $52,833,048. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

Several institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its stake in shares of Snowflake by 73.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 792 shares of the company’s stock worth $91,000 after acquiring an additional 335 shares during the last quarter. J.W. Cole Advisors Inc. bought a new stake in shares of Snowflake during the third quarter worth $231,000. Fortitude Family Office LLC purchased a new stake in shares of Snowflake during the third quarter valued at $34,000. Ayalon Insurance Comp Ltd. grew its holdings in shares of Snowflake by 30.1% in the third quarter. Ayalon Insurance Comp Ltd. now owns 19,552 shares of the company’s stock worth $2,246,000 after purchasing an additional 4,522 shares during the last quarter. Finally, AM Investment Strategies LLC purchased a new position in Snowflake in the 3rd quarter worth about $233,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Up 4.6 %

The company has a market cap of $57.36 billion, a P/E ratio of -51.26 and a beta of 1.07. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The business’s fifty day moving average is $172.98 and its two-hundred day moving average is $145.14.

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.