Wedbush Upgrades Snowflake (NYSE:SNOW) to “Strong-Buy”

Snowflake (NYSE:SNOW) was upgraded by stock analysts at Wedbush from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research firms also recently commented on SNOW. Oppenheimer lifted their target price on Snowflake from $180.00 to $200.00 and gave the company an “outperform” rating in a research report on Monday, January 13th. Cantor Fitzgerald began coverage on shares of Snowflake in a research report on Friday, January 17th. They issued an “overweight” rating and a $201.00 target price on the stock. Bank of America lifted their price target on shares of Snowflake from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, November 21st. Jefferies Financial Group boosted their target price on Snowflake from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Finally, Needham & Company LLC boosted their price objective on Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $188.06.

Snowflake Stock Performance

Snowflake stock opened at $177.54 on Tuesday. The stock has a market cap of $58.61 billion, a price-to-earnings ratio of -52.37 and a beta of 1.05. 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 firm has a 50 day simple moving average of $163.96 and a 200-day simple moving average of $135.63. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 45,896 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 208,735 shares of the company’s stock, valued at $36,749,884.10. The trade was a 18.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Christopher William Degnan sold 76,692 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $168.42, for a total value of $12,916,466.64. Following the completion of the sale, the executive now owns 346,741 shares in the company, valued at approximately $58,398,119.22. This represents a 18.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 376,904 shares of company stock worth $62,545,855 over the last three months. 7.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNOW. Ontario Teachers Pension Plan Board increased its holdings in Snowflake by 19,399.2% during 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 acquiring an additional 2,559,144 shares in the last quarter. Two Sigma Advisers LP grew its position in shares of Snowflake by 27.9% in the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after purchasing an additional 881,700 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Snowflake by 210.0% during the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after purchasing an additional 660,168 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Snowflake by 471.9% during the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after purchasing an additional 628,511 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Snowflake by 12,318.3% in the 3rd quarter. International Assets Investment Management LLC now owns 530,883 shares of the company’s stock valued at $60,977,000 after buying an additional 526,608 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.