Snowflake (NYSE:SNOW) Trading Up 2.1% Following Analyst Upgrade

Key Points

• Snowflake's share price increased by 2.1% after Wedbush raised its price target from $250 to $270, maintaining an outperform rating.
• Analysts show strong confidence in Snowflake, with multiple firms raising their target prices, resulting in a consensus rating of Moderate Buy and a price target of $257.24.
• Despite positive trading activity, insider selling has occurred, with significant shares sold by both the CAO and a director in recent transactions.

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) rose 2.1% during trading on Monday after Wedbush raised their price target on the stock from $250.00 to $270.00. Wedbush currently has an outperform rating on the stock. Snowflake traded as high as $246.65 and last traded at $245.74. Approximately 2,816,007 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 5,274,855 shares. The stock had previously closed at $240.74.

Several other equities analysts have also recently weighed in on the company. Cantor Fitzgerald lifted their price objective on Snowflake from $242.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Jefferies Financial Group boosted their target price on Snowflake from $250.00 to $270.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Wells Fargo & Company started coverage on Snowflake in a research note on Tuesday, September 30th. They issued an "overweight" rating and a $275.00 target price on the stock. Sanford C. Bernstein boosted their target price on Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a research note on Thursday, August 28th. Finally, UBS Group boosted their target price on Snowflake from $285.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and a consensus price target of $257.24.

Insider Activity

In other news, CAO Emily Ho sold 1,658 shares of the company's stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the completion of the sale, the chief accounting officer directly owned 31,745 shares in the company, valued at approximately $7,150,561.25. This represents a 4.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 7,551 shares of the firm's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total value of $1,670,583.24. Following the completion of the sale, the director directly owned 153,226 shares in the company, valued at $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,182,434 shares of company stock worth $270,280,661. 6.80% of the stock is owned by insiders.

Institutional Trading of Snowflake

Several large investors have recently bought and sold shares of the business. Trust Co. of Toledo NA OH bought a new position in Snowflake in the second quarter valued at about $25,000. Avion Wealth raised its position in Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company's stock valued at $25,000 after purchasing an additional 49 shares during the last quarter. Tripletail Wealth Management LLC bought a new position in Snowflake in the third quarter valued at about $28,000. Rossby Financial LCC raised its position in Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company's stock valued at $29,000 after purchasing an additional 127 shares during the last quarter. Finally, Whittier Trust Co. raised its position in Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company's stock valued at $31,000 after purchasing an additional 82 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Stock Up 2.1%

The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The stock has a market capitalization of $83.26 billion, a P/E ratio of -59.21 and a beta of 1.21. The firm has a 50-day simple moving average of $222.38 and a 200 day simple moving average of $202.40.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The business's quarterly revenue was up 31.8% on a year-over-year basis. During the same period last year, the company earned $0.18 earnings per share. On average, equities research 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.

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