Snowflake (NYSE:SNOW) Reaches New 52-Week High Following Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) reached a new 52-week high on Thursday after Citigroup raised their price target on the stock from $250.00 to $275.00. Citigroup currently has a buy rating on the stock. Snowflake traded as high as $240.46 and last traded at $238.40, with a volume of 14673670 shares changing hands. The stock had previously closed at $200.39.

Several other brokerages have also issued reports on SNOW. The Goldman Sachs Group raised their target price on Snowflake from $230.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday. Sanford C. Bernstein increased their price target on Snowflake from $191.00 to $221.00 and gave the company a “market perform” rating in a research note on Thursday. Jefferies Financial Group raised their price objective on Snowflake from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday. Rosenblatt Securities upped their target price on Snowflake from $210.00 to $250.00 and gave the company a “buy” rating in a report on Thursday. Finally, Stifel Nicolaus raised their price target on shares of Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.53.

Insider Transactions at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $211.35, for a total value of $10,638,936.30. Following the completion of the sale, the director directly owned 37,796 shares in the company, valued at $7,988,184.60. This trade represents a 57.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 424,852 shares of the company’s stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the transaction, the director directly owned 165,507 shares in the company, valued at approximately $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,516,826 shares of company stock worth $555,691,052 in the last three months. Insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its position in shares of Snowflake by 22.2% during the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock worth $524,293,000 after acquiring an additional 650,775 shares in the last quarter. CenterBook Partners LP bought a new stake in Snowflake during the 1st quarter worth approximately $2,381,000. Berkshire Capital Holdings Inc. raised its stake in shares of Snowflake by 71,500.0% in the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock worth $1,047,000 after purchasing an additional 7,150 shares during the last quarter. Lyell Wealth Management LP lifted its holdings in shares of Snowflake by 5.1% in the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company’s stock valued at $8,870,000 after purchasing an additional 2,955 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new position in shares of Snowflake in the first quarter valued at approximately $898,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Price Performance

The firm has a market cap of $80.41 billion, a P/E ratio of -58.03 and a beta of 1.22. The company has a fifty day moving average of $210.88 and a 200-day moving average of $185.53. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58.

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.