Snowflake (NYSE:SNOW) Hits New 12-Month High on Analyst Upgrade

Key Points

• Snowflake's stock price soared to a new 52-week high of $240.46 following an upgrade from Stifel Nicolaus, which raised the price target from $220.00 to $260.00.
• Analysts have a strong overall positive outlook on Snowflake, with two analysts rating it as a Strong Buy and a consensus target price of $246.11.
• Corporate insiders have recently sold a substantial amount of stock, with one director selling 424,852 shares, representing a 71.97% decrease in their ownership.

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday after Stifel Nicolaus raised their price target on the stock from $220.00 to $260.00. Stifel Nicolaus currently has a buy rating on the stock. Snowflake traded as high as $240.46 and last traded at $238.40, with a volume of 14673670 shares trading hands. The stock had previously closed at $200.39.

A number of other equities research analysts also recently weighed in on the stock. Sanford C. Bernstein boosted their price target on shares of Snowflake from $191.00 to $221.00 and gave the stock a "market perform" rating in a research note on Thursday. Piper Sandler upped their target price on shares of Snowflake from $215.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. Morgan Stanley started coverage on shares of Snowflake in a research note on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 target price for the company. Finally, Cantor Fitzgerald upped their target price on shares of Snowflake from $242.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and a consensus target price of $246.11.

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 transaction of $10,638,936.30. Following the sale, the director directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,516,826 shares of company stock valued at $555,691,052 over the last 90 days. Corporate insiders own 6.80% of the company's stock.

Institutional Trading of Snowflake

Large investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its position in Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after purchasing an additional 29,320 shares during the period. Quarry LP raised its stake in shares of Snowflake by 9.8% during the fourth quarter. Quarry LP now owns 662 shares of the company's stock worth $102,000 after acquiring an additional 59 shares in the last quarter. Northern Trust Corp increased its stake in shares of Snowflake by 18.0% in the fourth quarter. Northern Trust Corp now owns 2,141,468 shares of the company's stock worth $330,664,000 after buying an additional 326,104 shares during the period. Lido Advisors LLC increased its stake in shares of Snowflake by 0.5% in the fourth quarter. Lido Advisors LLC now owns 21,393 shares of the company's stock worth $3,303,000 after buying an additional 103 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in Snowflake by 45.0% in the fourth quarter. AQR Capital Management LLC now owns 710,866 shares of the company's stock valued at $109,765,000 after acquiring an additional 220,629 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Trading Up 18.4%

The firm has a market cap of $79.22 billion, a P/E ratio of -56.47 and a beta of 1.22. The firm's fifty day moving average is $210.30 and its two-hundred day moving average is $185.15. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94.

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.

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