Snowflake (NYSE:SNOW) Stock Price Up 1.7% Following Analyst Upgrade

Snowflake Inc. (NYSE:SNOW - Get Free Report) shot up 1.7% during mid-day trading on Thursday after Macquarie raised their price target on the stock from $190.00 to $210.00. Macquarie currently has a neutral rating on the stock. Snowflake traded as high as $213.70 and last traded at $213.13. 1,477,958 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 6,389,998 shares. The stock had previously closed at $209.60.

A number of other research firms have also recently commented on SNOW. Raymond James reaffirmed an "outperform" rating and set a $212.00 price target (up from $196.00) on shares of Snowflake in a research note on Thursday, May 22nd. Guggenheim reaffirmed a "neutral" rating on shares of Snowflake in a research report on Thursday, February 27th. Cantor Fitzgerald boosted their price objective on shares of Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Needham & Company LLC boosted their price objective on shares of Snowflake from $215.00 to $230.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, JMP Securities restated a "market outperform" rating and set a $245.00 price target on shares of Snowflake in a research note on Wednesday. Two analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $221.28.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 685 shares of Snowflake stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total value of $100,859.40. Following the completion of the transaction, the executive vice president now owns 622,611 shares in the company, valued at $91,673,243.64. The trade was a 0.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Emily Ho sold 5,027 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $199.06, for a total transaction of $1,000,674.62. Following the sale, the chief accounting officer now owns 40,608 shares of the company's stock, valued at $8,083,428.48. This represents a 11.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 849,779 shares of company stock worth $159,318,643 in the last quarter. 6.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently modified their holdings of the business. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Snowflake by 1.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company's stock valued at $104,028,000 after acquiring an additional 8,857 shares during the period. Kirtland Hills Capital Management LLC grew its stake in shares of Snowflake by 40.1% during the 4th quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company's stock worth $2,458,000 after purchasing an additional 4,559 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Snowflake by 455.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company's stock worth $19,174,000 after purchasing an additional 101,806 shares during the period. SPX Gestao de Recursos Ltda acquired a new position in shares of Snowflake during the 4th quarter worth $3,088,000. Finally, Onyx Bridge Wealth Group LLC acquired a new position in shares of Snowflake during the 4th quarter worth $237,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Stock Performance

The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $70.11 billion, a price-to-earnings ratio of -61.94 and a beta of 1.21. The stock's 50 day moving average price is $168.14 and its two-hundred day moving average price is $168.59.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The firm's revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.14 EPS. On average, analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

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.