Snowflake (NYSE:SNOW) Shares Up 6.4% – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Citigroup lowered their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a report on Monday, November 18th. Oppenheimer increased their price target on shares of Snowflake from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Monday, January 13th. Mizuho raised their price target on shares of Snowflake from $165.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Needham & Company LLC raised their price target on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Finally, Bank of America raised their price target on shares of Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, November 21st. 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 issued a strong buy rating to the company. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $188.06.

Snowflake Stock Up 6.6 %

The business’s fifty day simple moving average is $166.79 and its 200 day simple moving average is $136.37. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a market cap of $61.77 billion, a price-to-earnings ratio of -55.21 and a beta of 1.05.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $180.00, for a total transaction of $2,700,000.00. Following the transaction, the executive vice president now directly owns 691,755 shares of the company’s stock, valued at $124,515,900. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 127,247 shares of Snowflake stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total transaction of $22,427,283.75. Following the transaction, the director now directly owns 195,281 shares in the company, valued at approximately $34,418,276.25. This represents a 39.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 504,151 shares of company stock valued at $84,973,139. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several institutional investors have recently added to or reduced their stakes in SNOW. Groupama Asset Managment bought a new stake in Snowflake in the 3rd quarter valued at $25,000. V Square Quantitative Management LLC bought a new stake in Snowflake in the 3rd quarter valued at $30,000. Fortitude Family Office LLC bought a new stake in Snowflake in the 3rd quarter valued at $34,000. Perkins Coie Trust Co lifted its position in Snowflake by 136.3% in the 4th quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock valued at $37,000 after acquiring an additional 139 shares in the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in Snowflake in the 4th quarter valued at $38,000. 65.10% of the stock is owned by institutional investors.

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.