Snowflake (NYSE:SNOW) Shares Up 3.1% on Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) shot up 3.1% during trading on Tuesday after Rosenblatt Securities raised their price target on the stock from $250.00 to $275.00. Rosenblatt Securities currently has a buy rating on the stock. Snowflake traded as high as $268.21 and last traded at $259.8740. 6,564,089 shares changed hands during trading, an increase of 29% from the average session volume of 5,093,732 shares. The stock had previously closed at $252.00.

SNOW has been the topic of a number of other reports. Sanford C. Bernstein boosted their price objective on shares of Snowflake from $191.00 to $221.00 and gave the company a “market perform” rating in a report on Thursday, August 28th. Stifel Nicolaus boosted their price target on Snowflake from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. JMP Securities raised their price objective on Snowflake from $283.00 to $325.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 28th. Jefferies Financial Group set a $300.00 target price on Snowflake in a report on Monday, November 24th. Finally, DA Davidson set a $300.00 price target on shares of Snowflake in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $270.31.

Insider Activity

In related news, SVP Vivek Raghunathan sold 11,801 shares of the business’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the transaction, the senior vice president directly owned 241,854 shares in the company, valued at $53,986,649.88. The trade was a 4.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 7,551 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the sale, the director directly owned 153,226 shares in the company, valued at $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 211,305 shares of company stock valued at $50,590,799 in the last quarter. Company insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Institutional investors have recently bought and sold shares of the company. Trust Co. of Toledo NA OH purchased a new position in shares of Snowflake in the second quarter valued at approximately $25,000. Avion Wealth raised its stake in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after purchasing an additional 49 shares during the last quarter. Grey Fox Wealth Advisors LLC purchased a new position in Snowflake in the 3rd quarter valued at $25,000. Tripletail Wealth Management LLC purchased a new position in Snowflake in the 3rd quarter valued at $28,000. Finally, Rossby Financial LCC boosted its stake in Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after purchasing an additional 127 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Price Performance

The stock’s fifty day moving average price is $250.14 and its 200-day moving average price is $225.58. The firm has a market cap of $88.05 billion, a PE ratio of -62.62 and a beta of 1.09. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48.

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.