Snowflake (NYSE:SNOW) Stock Rating Upgraded by Wolfe Research

Snowflake (NYSE:SNOW) was upgraded by analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage presently has a $235.00 price objective on the stock. Wolfe Research’s price objective suggests a potential upside of 26.04% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Loop Capital upped their target price on Snowflake from $185.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. Bank of America increased their target price on Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, November 21st. JMP Securities reissued a “market outperform” rating and set a $190.00 target price on shares of Snowflake in a research note on Tuesday, December 3rd. StockNews.com downgraded shares of Snowflake from a “hold” rating to a “sell” rating in a research note on Friday, January 24th. Finally, TD Cowen boosted their price objective on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $190.75.

Snowflake Price Performance

SNOW stock opened at $186.44 on Tuesday. The stock has a market cap of $61.54 billion, a PE ratio of -55.00 and a beta of 1.07. Snowflake has a 12 month low of $107.13 and a 12 month high of $235.66. The company has a 50-day moving average price of $172.37 and a 200 day moving average price of $143.01. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Insiders Place Their Bets

In other news, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $181.87, for a total value of $2,324,662.34. Following the sale, the executive now owns 308,164 shares in the company, valued at $56,045,786.68. This represents a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s 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 owns 691,755 shares of the company’s stock, valued at $124,515,900. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 440,241 shares of company stock valued at $75,367,285. 7.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently modified their holdings of SNOW. Toronto Dominion Bank grew its holdings in Snowflake by 9.2% during the fourth quarter. Toronto Dominion Bank now owns 40,655 shares of the company’s stock worth $6,278,000 after acquiring an additional 3,429 shares during the period. Cache Advisors LLC purchased a new stake in Snowflake in the 4th quarter worth approximately $3,716,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $208,000. Vise Technologies Inc. purchased a new position in shares of Snowflake during the 4th quarter valued at approximately $213,000. Finally, Pinnacle Investment Management Ltd acquired a new position in shares of Snowflake in the 4th quarter valued at $3,088,000. 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.