Snowflake (NYSE:SNOW) Upgraded by Wedbush to “Outperform” Rating

Snowflake (NYSE:SNOW) was upgraded by stock analysts at Wedbush from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage presently has a $190.00 price target on the stock. Wedbush’s price target suggests a potential upside of 10.99% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Snowflake from $125.00 to $150.00 and gave the company an “equal weight” rating in a report on Thursday, November 21st. Stifel Nicolaus decreased their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a report on Monday, August 19th. Robert W. Baird decreased their price objective on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Scotiabank lowered their price target on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 22nd. Finally, HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and upped their price target for the stock from $119.00 to $121.00 in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.09.

Snowflake Price Performance

Shares of SNOW opened at $171.19 on Monday. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The company has a 50-day moving average of $122.43 and a 200 day moving average of $128.01. The firm has a market capitalization of $57.38 billion, a price-to-earnings ratio of -50.50 and a beta of 0.83.

Insider Transactions at Snowflake

In related news, CRO Christopher William Degnan sold 76,692 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the sale, the executive now owns 346,741 shares in the company, valued at approximately $58,398,119.22. This trade represents a 18.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 45,896 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $176.06, for a total transaction of $8,080,449.76. Following the sale, the director now owns 208,735 shares in the company, valued at approximately $36,749,884.10. This represents a 18.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 182,126 shares of company stock worth $28,058,461 over the last 90 days. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNOW. LRI Investments LLC grew its position in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after buying an additional 112 shares during the period. Groupama Asset Managment purchased a new position in Snowflake during the third quarter valued at $25,000. Wellington Shields Capital Management LLC purchased a new position in Snowflake during the second quarter valued at $27,000. V Square Quantitative Management LLC purchased a new position in Snowflake during the third quarter valued at $30,000. Finally, Fortitude Family Office LLC purchased a new position in Snowflake during the third quarter valued at $34,000. Institutional investors and hedge funds 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.