Guggenheim Reaffirms Neutral Rating for Snowflake (NYSE:SNOW)

Key Points

• Guggenheim has reissued a neutral rating for Snowflake (NYSE:SNOW), while several other analysts have recently upgraded their ratings and price targets for the stock.
• Insider trading activity has seen significant sales, with directors reducing their holdings by over 50% recently, indicating a potential shift in confidence among insiders.
• Institutional investors own 65.10% of Snowflake's stock, with notable increases in stakes from major hedge funds in the most recent quarter.

Snowflake (NYSE:SNOW - Get Free Report)'s stock had its "neutral" rating reissued by investment analysts at Guggenheim in a note issued to investors on Thursday,Benzinga reports.

SNOW has been the topic of a number of other research reports. Rosenblatt Securities increased their price target on Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday. Citigroup reissued an "outperform" rating on shares of Snowflake in a research report on Thursday. Mizuho upped their target price on Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Wells Fargo & Company restated an "overweight" rating on shares of Snowflake in a research note on Thursday. Finally, JPMorgan Chase & Co. upped their target price on Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $241.08.

Snowflake Price Performance

Snowflake stock opened at $223.71 on Thursday. The company has a market capitalization of $74.69 billion, a price-to-earnings ratio of -52.19 and a beta of 1.22. Snowflake has a 12 month low of $107.13 and a 12 month high of $229.27. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock's 50 day moving average is $210.30 and its 200-day moving average is $185.15.

Insider Activity at Snowflake

In related news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $211.35, for a total value of $10,638,936.30. Following the sale, the director owned 37,796 shares of the company's stock, valued at approximately $7,988,184.60. The trade was a 57.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of Snowflake stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the sale, the director directly owned 165,507 shares in the company, valued at $36,303,960.45. This trade represents a 71.97% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,516,826 shares of company stock worth $555,691,052. Insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Snowflake by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company's stock valued at $6,218,515,000 after buying an additional 595,553 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Snowflake in the 2nd quarter valued at approximately $3,900,134,000. Jennison Associates LLC grew its stake in Snowflake by 20.5% in the 2nd quarter. Jennison Associates LLC now owns 8,000,667 shares of the company's stock valued at $1,790,309,000 after buying an additional 1,363,389 shares in the last quarter. State Street Corp grew its stake in Snowflake by 1.4% in the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company's stock valued at $1,541,120,000 after buying an additional 94,293 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its stake in Snowflake by 15.2% in the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company's stock valued at $1,108,045,000 after buying an additional 652,485 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other 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.

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