Snowflake (NYSE:SNOW) Stock Price Up 6.4% – Still a Buy?

Snowflake Inc. (NYSE:SNOW) shares shot up 6.4% during mid-day trading on Tuesday . The stock traded as high as $186.86 and last traded at $186.69. 2,576,758 shares traded hands during trading, a decline of 46% from the average session volume of 4,757,813 shares. The stock had previously closed at $175.52.

Analysts Set New Price Targets

SNOW has been the topic of several research reports. Oppenheimer increased their price objective on shares of Snowflake from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Monday, January 13th. Royal Bank of Canada boosted their price objective on Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Wedbush raised Snowflake from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 21st. Mizuho boosted their price target on shares of Snowflake from $165.00 to $195.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Finally, Barclays raised shares of Snowflake from an “equal weight” rating to an “overweight” rating and set a $190.00 target price for the company in a research note on Friday, January 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $188.06.

Snowflake Stock Down 1.9 %

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 firm has a market capitalization of $59.23 billion, a P/E ratio of -52.93 and a beta of 1.05. The stock has a 50 day moving average of $169.02 and a 200-day moving average of $137.06.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 45,896 shares of Snowflake stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $176.06, for a total transaction of $8,080,449.76. Following the completion of the sale, the director now owns 208,735 shares in the company, valued at approximately $36,749,884.10. This trade represents a 18.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the transaction, the executive vice president now owns 706,755 shares in the company, valued at approximately $85,354,801.35. This trade represents a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 504,151 shares of company stock worth $84,973,139. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several institutional investors and hedge funds have recently made changes to their positions in SNOW. Toronto Dominion Bank boosted its stake in shares of Snowflake by 24.1% in the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock valued at $4,276,000 after purchasing an additional 7,239 shares in the last quarter. Prospect Financial Services LLC bought a new position in shares of Snowflake during the fourth quarter valued at about $288,000. Independent Advisor Alliance increased its holdings in shares of Snowflake by 15.5% in the third quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock worth $468,000 after buying an additional 548 shares during the period. Bourgeon Capital Management LLC bought a new stake in shares of Snowflake in the 4th quarter valued at about $5,851,000. Finally, Franklin Resources Inc. boosted its holdings in Snowflake by 1.4% during the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock valued at $66,086,000 after acquiring an additional 7,373 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.