Wedbush Upgrades Snowflake (NYSE:SNOW) to Outperform

Snowflake (NYSE:SNOW) was upgraded by equities research analysts at Wedbush from a “neutral” rating to an “outperform” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. The firm presently has a $190.00 target price on the stock. Wedbush’s price target would indicate a potential upside of 13.47% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on SNOW. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Wednesday, November 20th. Citigroup reduced their target price on Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a report on Monday, November 18th. Monness Crespi & Hardt upped their price objective on shares of Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday. Oppenheimer reissued an “outperform” rating and issued a $180.00 target price on shares of Snowflake in a report on Thursday. Finally, Wells Fargo & Company raised their price objective on Snowflake from $125.00 to $150.00 and gave the company an “equal weight” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $181.09.

Snowflake Trading Down 2.3 %

NYSE SNOW opened at $167.44 on Monday. The firm’s fifty day moving average price is $120.06 and its two-hundred day moving average price is $127.80. Snowflake has a 1 year low of $107.13 and a 1 year high of $237.72. The firm has a market capitalization of $56.13 billion, a P/E ratio of -49.39 and a beta of 0.83.

Insider Activity

In other Snowflake news, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the transaction, the insider now directly owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This trade represents a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the transaction, the executive vice president now directly owns 721,755 shares in the company, valued at approximately $86,610,600. This represents a 3.99 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,538 shares of company stock worth $7,061,544. 7.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. LRI Investments LLC boosted its holdings in shares of Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares during the period. Groupama Asset Managment purchased a new stake in Snowflake in the third quarter worth about $25,000. Wellington Shields Capital Management LLC bought a new stake in Snowflake during the 2nd quarter valued at approximately $27,000. V Square Quantitative Management LLC bought a new stake in shares of Snowflake during the 3rd quarter valued at $30,000. Finally, Fortitude Family Office LLC bought a new position in Snowflake during the 3rd quarter valued at approximately $34,000. 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.