Snowflake (NYSE:SNOW) Rating Increased to Strong-Buy at Daiwa America

Snowflake (NYSE:SNOW) was upgraded by stock analysts at Daiwa America to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the stock. Barclays upped their price target on shares of Snowflake from $190.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, February 27th. Daiwa Capital Markets began coverage on Snowflake in a research report on Tuesday. They issued a “buy” rating and a $210.00 target price on the stock. KeyCorp boosted their price target on Snowflake from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. Needham & Company LLC raised their price objective on shares of Snowflake from $200.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Finally, Truist Financial reduced their target price on shares of Snowflake from $225.00 to $210.00 and set a “buy” rating for the company in a research note on Monday. Ten analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and an average price target of $203.05.

Snowflake Stock Performance

Shares of SNOW stock opened at $154.23 on Tuesday. Snowflake has a one year low of $107.13 and a one year high of $194.40. The firm’s 50 day moving average price is $170.55 and its 200-day moving average price is $152.08. The firm has a market cap of $50.91 billion, a P/E ratio of -45.50 and a beta of 1.07. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Insider Buying and Selling at Snowflake

In other Snowflake news, CFO Michael Scarpelli sold 300,000 shares of the business’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the transaction, the chief financial officer now owns 292,610 shares of the company’s stock, valued at approximately $47,756,878.10. The trade was a 50.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 127,247 shares of the stock in a transaction dated 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 sale, 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 position. The disclosure for this sale can be found here. Over the last three months, insiders sold 491,186 shares of company stock valued at $82,353,709. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

Hedge funds have recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC bought a new position in shares of Snowflake in the 4th quarter valued at about $29,000. West Paces Advisors Inc. bought a new position in Snowflake during the fourth quarter worth about $31,000. Spurstone Advisory Services LLC acquired a new position in Snowflake in the fourth quarter valued at about $31,000. Capital A Wealth Management LLC bought a new stake in shares of Snowflake in the fourth quarter worth about $31,000. Finally, Carolinas Wealth Consulting LLC bought a new stake in Snowflake during the 4th quarter worth approximately $32,000. 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.