Snowflake (NYSE:SNOW) Shares Gap Up Following Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) shares gapped up before the market opened on Thursday after Barclays raised their price target on the stock from $190.00 to $203.00. The stock had previously closed at $166.19, but opened at $187.01. Barclays currently has an overweight rating on the stock. Snowflake shares last traded at $180.56, with a volume of 6,228,015 shares.

Several other research analysts have also commented on SNOW. StockNews.com upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a research note on Tuesday, February 18th. JMP Securities reaffirmed a “market outperform” rating and set a $190.00 price objective on shares of Snowflake in a report on Tuesday, December 3rd. TD Cowen raised their price objective on shares of Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Citigroup raised their price objective on shares of Snowflake from $225.00 to $230.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Piper Sandler raised their price objective on shares of Snowflake from $208.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $199.22.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total value of $2,797,500.00. Following the transaction, the executive vice president now owns 552,930 shares of the company’s stock, valued at approximately $103,121,445. The trade was a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Emily Ho sold 1,508 shares of Snowflake stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $163.17, for a total transaction of $246,060.36. Following the completion of the transaction, the chief accounting officer now directly owns 44,760 shares in the company, valued at approximately $7,303,489.20. The trade was a 3.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 371,810 shares of company stock worth $63,340,544. 7.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC lifted its stake in Snowflake by 92.2% in the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after buying an additional 3,662,671 shares in the last quarter. State Street Corp boosted its holdings in Snowflake by 0.8% during the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after purchasing an additional 54,909 shares during the last quarter. Norges Bank bought a new position in Snowflake in the fourth quarter valued at $988,950,000. FMR LLC grew its position in Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after purchasing an additional 2,805,425 shares in the last quarter. Finally, GQG Partners LLC acquired a new stake in Snowflake in the fourth quarter valued at $750,572,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Trading Up 9.4 %

The stock has a market cap of $60.04 billion, a price-to-earnings ratio of -53.59 and a beta of 1.07. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The business’s 50 day simple moving average is $172.79 and its 200 day simple moving average is $144.94.

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.