Snowflake (NYSE:SNOW) Stock Price Up 1.5% – Time to Buy?

Snowflake Inc. (NYSE:SNOW) shares were up 1.5% on Friday . The company traded as high as $167.62 and last traded at $166.65. Approximately 1,132,389 shares changed hands during trading, a decline of 83% from the average daily volume of 6,759,359 shares. The stock had previously closed at $164.21.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SNOW shares. Citigroup reduced their price objective on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research report on Monday, November 18th. Rosenblatt Securities restated a “buy” rating and set a $180.00 price objective on shares of Snowflake in a report on Tuesday, November 19th. Canaccord Genuity Group reduced their price objective on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. KeyCorp boosted their target price on shares of Snowflake from $185.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, StockNews.com cut Snowflake from a “hold” rating to a “sell” rating in a report on Thursday, November 28th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $184.46.

Snowflake Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The stock has a market capitalization of $54.97 billion, a PE ratio of -49.13 and a beta of 1.03. The stock’s 50 day moving average is $142.93 and its two-hundred day moving average is $130.46.

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 861 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $95,924.01. Following the transaction, the executive vice president now directly owns 751,755 shares in the company, valued at $83,753,024.55. The trade was a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the sale, the insider now owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. The trade was a 0.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 292,901 shares of company stock worth $48,375,520 in the last ninety days. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Large investors have recently modified their holdings of the business. State Street Corp lifted its holdings in Snowflake by 0.8% in the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after acquiring an additional 54,909 shares during the period. Geode Capital Management LLC boosted its stake in shares of Snowflake by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after acquiring an additional 138,663 shares in the last quarter. Two Sigma Advisers LP grew 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 worth $464,402,000 after acquiring an additional 881,700 shares during the period. Ontario Teachers Pension Plan Board increased its stake in Snowflake by 19,399.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after purchasing an additional 2,559,144 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in Snowflake by 11.5% during the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after purchasing an additional 223,936 shares during the last quarter. 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.