Snowflake (NYSE:SNOW) Raised to “Strong-Buy” at Cantor Fitzgerald

Snowflake (NYSE:SNOW) was upgraded by equities research analysts at Cantor Fitzgerald to a “strong-buy” rating in a research report issued on Thursday, Marketbeat reports. The firm currently has a $201.00 target price on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 17.62% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Scotiabank raised their price target on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research report on Monday, December 9th. Rosenblatt Securities reaffirmed a “buy” rating and set a $180.00 price target on shares of Snowflake in a research report on Tuesday, November 19th. JMP Securities reissued a “market outperform” rating and issued a $190.00 price objective on shares of Snowflake in a report on Tuesday, December 3rd. KeyCorp lifted their target price on Snowflake from $185.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Piper Sandler raised their price objective on Snowflake from $185.00 to $208.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $188.06.

Snowflake Trading Up 1.9 %

Shares of SNOW opened at $170.89 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The stock has a market cap of $56.41 billion, a PE ratio of -50.41 and a beta of 1.05. The stock’s 50-day moving average is $160.11 and its two-hundred day moving average is $134.83.

Insider Activity

In other news, CRO Christopher William Degnan sold 76,692 shares of Snowflake stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $168.42, for a total value of $12,916,466.64. Following the transaction, the executive now owns 346,741 shares of the company’s stock, valued at $58,398,119.22. This trade represents a 18.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the sale, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. This represents a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 376,904 shares of company stock worth $62,545,855 in the last three months. 7.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SNOW. Groupama Asset Managment acquired a new stake in Snowflake in the 3rd quarter worth $25,000. Perkins Coie Trust Co grew its position in Snowflake by 136.3% during the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock worth $37,000 after buying an additional 139 shares in the last quarter. V Square Quantitative Management LLC bought a new position in Snowflake during the third quarter valued at about $30,000. Fortitude Family Office LLC acquired a new position in Snowflake in the 3rd quarter valued at approximately $34,000. Finally, Avior Wealth Management LLC lifted its position in shares of Snowflake by 182.0% in the 4th quarter. Avior Wealth Management LLC now owns 313 shares of the company’s stock worth $48,000 after acquiring an additional 202 shares during the period. 65.10% of the stock is owned by institutional investors.

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.