Snowflake (NYSE:SNOW) Stock Price Up 6.4% – Still a Buy?

Snowflake Inc. (NYSE:SNOW)’s share price shot up 6.4% during trading on Tuesday . The company traded as high as $186.86 and last traded at $186.69. 2,576,758 shares were traded during trading, a decline of 46% from the average session volume of 4,757,813 shares. The stock had previously closed at $175.52.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of research analyst reports. Wedbush raised Snowflake from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 21st. Loop Capital raised their target price on shares of Snowflake from $185.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, December 23rd. KeyCorp boosted their price target on shares of Snowflake from $185.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Royal Bank of Canada raised their price objective on shares of Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Finally, Piper Sandler upped their target price on Snowflake from $185.00 to $208.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $188.06.

Snowflake Stock Performance

The company has a market cap of $59.23 billion, a P/E ratio of -52.93 and a beta of 1.05. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The business has a fifty day simple moving average of $169.02 and a two-hundred day simple moving average of $137.06.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the sale, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at $85,354,801.35. This represents a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Christopher William Degnan sold 76,692 shares of Snowflake stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the transaction, the executive now owns 346,741 shares in the company, valued at approximately $58,398,119.22. This trade represents a 18.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 504,151 shares of company stock worth $84,973,139. 7.80% of the stock is owned by company insiders.

Institutional Trading of Snowflake

Several institutional investors have recently made changes to their positions in SNOW. Asset Dedication LLC increased its holdings in shares of Snowflake by 6.8% in the fourth quarter. Asset Dedication LLC now owns 922 shares of the company’s stock worth $142,000 after purchasing an additional 59 shares during the last quarter. Breakwater Capital Group raised its holdings in shares of Snowflake by 2.2% during the 4th quarter. Breakwater Capital Group now owns 2,938 shares of the company’s stock worth $454,000 after acquiring an additional 62 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Snowflake by 31.0% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 380 shares of the company’s stock valued at $59,000 after acquiring an additional 90 shares during the last quarter. Modus Advisors LLC raised its stake in Snowflake by 3.9% during the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock valued at $286,000 after purchasing an additional 94 shares in the last quarter. Finally, Catalyst Private Wealth LLC lifted its position in Snowflake by 3.2% during the third quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock valued at $382,000 after purchasing an additional 104 shares during the last quarter. Hedge funds and other institutional investors 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.