Snowflake Inc. (NYSE:SNOW) Receives Average Recommendation of "Moderate Buy" from Analysts

Snowflake Inc. (NYSE:SNOW - Get Free Report) has earned an average recommendation of "Moderate Buy" from the forty analysts that are presently covering the firm, Marketbeat.com reports. Nine equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $200.28.

SNOW has been the subject of a number of analyst reports. Monness Crespi & Hardt increased their price objective on shares of Snowflake from $188.00 to $230.00 and gave the stock a "buy" rating in a research note on Thursday, February 27th. Jefferies Financial Group cut their target price on shares of Snowflake from $220.00 to $190.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Daiwa America raised shares of Snowflake to a "strong-buy" rating in a research note on Tuesday, April 1st. Wedbush set a $210.00 target price on shares of Snowflake in a research note on Wednesday, January 22nd. Finally, Bank of America raised their target price on shares of Snowflake from $185.00 to $205.00 and gave the company a "neutral" rating in a research note on Thursday, February 20th.

Snowflake Price Performance

Shares of NYSE SNOW traded up $0.04 during midday trading on Wednesday, reaching $183.01. The stock had a trading volume of 3,414,758 shares, compared to its average volume of 6,405,778. The stock has a 50-day moving average of $155.65 and a 200-day moving average of $161.03. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market capitalization of $60.41 billion, a price-to-earnings ratio of -53.98 and a beta of 1.11. Snowflake has a 12-month low of $107.13 and a 12-month high of $194.40.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the transaction, the executive vice president now owns 594,975 shares in the company, valued at approximately $102,186,956.25. This represents a 2.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the transaction, the chief financial officer now owns 292,610 shares in the company, valued at $47,756,878.10. The trade was a 50.62% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 356,963 shares of company stock worth $58,204,058. 7.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Asset Dedication LLC increased its stake in Snowflake by 6.8% during the 4th quarter. Asset Dedication LLC now owns 922 shares of the company's stock valued at $142,000 after purchasing an additional 59 shares in the last quarter. Quarry LP boosted its holdings in shares of Snowflake by 9.8% in the 4th quarter. Quarry LP now owns 662 shares of the company's stock valued at $102,000 after acquiring an additional 59 shares during the last quarter. Breakwater Capital Group boosted its holdings in shares of Snowflake by 2.2% in the 4th quarter. Breakwater Capital Group now owns 2,938 shares of the company's stock valued at $454,000 after acquiring an additional 62 shares during the last quarter. Ignite Planners LLC boosted its holdings in shares of Snowflake by 2.3% in the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after acquiring an additional 64 shares during the last quarter. Finally, Gabelli Funds LLC boosted its holdings in shares of Snowflake by 3.3% in the 4th quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock valued at $317,000 after acquiring an additional 65 shares during the last quarter. Institutional investors and hedge funds 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.