Snowflake (NYSE:SNOW) Now Covered by Daiwa Capital Markets

Investment analysts at Daiwa Capital Markets initiated coverage on shares of Snowflake (NYSE:SNOW) in a report released on Tuesday. The brokerage set a “buy” rating and a $210.00 price target on the stock. Daiwa Capital Markets’ price target would indicate a potential upside of 42.57% from the stock’s current price.

Several other research firms also recently issued reports on SNOW. Jefferies Financial Group decreased their price objective on shares of Snowflake from $220.00 to $190.00 and set a “buy” rating on the stock in a report on Monday. Citigroup lifted their price objective on Snowflake from $225.00 to $230.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Stifel Nicolaus increased their target price on Snowflake from $187.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Cantor Fitzgerald raised their target price on Snowflake from $201.00 to $228.00 and gave the company an “overweight” rating in a research report on Thursday, February 27th. Finally, Mizuho boosted their price target on Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Nine investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.00.

Snowflake Price Performance

Shares of NYSE:SNOW traded up $1.14 during midday trading on Tuesday, reaching $147.30. 297,221 shares of the company’s stock traded hands, compared to its average volume of 6,357,849. The company has a fifty day simple moving average of $171.49 and a two-hundred day simple moving average of $151.82. Snowflake has a 1 year low of $107.13 and a 1 year high of $194.40. The company has a market cap of $48.62 billion, a P/E ratio of -43.11 and a beta of 1.07. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Insiders Place Their Bets

In other news, CFO Michael Scarpelli sold 300,000 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the transaction, the chief financial officer now directly owns 292,610 shares of the company’s stock, valued at approximately $47,756,878.10. The trade was a 50.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the completion of the sale, the executive vice president now directly owns 552,930 shares in the company, valued at approximately $103,121,445. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 503,968 shares of company stock worth $84,363,550 over the last three months. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP grew its stake in shares of Snowflake by 1,325.2% during the fourth quarter. Wellington Management Group LLP now owns 108,527 shares of the company’s stock worth $16,758,000 after purchasing an additional 100,912 shares in the last quarter. 111 Capital acquired a new position in shares of Snowflake during the 4th quarter worth about $578,000. NorthCrest Asset Manangement LLC increased its holdings in shares of Snowflake by 12.7% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 7,785 shares of the company’s stock valued at $1,202,000 after acquiring an additional 875 shares during the last quarter. PKO Investment Management Joint Stock Co acquired a new stake in shares of Snowflake during the 4th quarter worth about $2,007,000. Finally, Centaurus Financial Inc. lifted its stake in Snowflake by 15.8% during the fourth quarter. Centaurus Financial Inc. now owns 8,291 shares of the company’s stock worth $1,280,000 after purchasing an additional 1,132 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other 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.