Snowflake (NYSE:SNOW) Sees Large Volume Increase After Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) saw strong trading volume on Friday after Mizuho raised their price target on the stock from $165.00 to $195.00. Mizuho currently has an outperform rating on the stock. 5,931,148 shares were traded during mid-day trading, a decline of 12% from the previous session’s volume of 6,712,685 shares.The stock last traded at $174.83 and had previously closed at $171.35.

A number of other analysts have also recently commented on SNOW. Needham & Company LLC lifted their price objective on Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday. Loop Capital cut their price objective on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Morgan Stanley restated an “equal weight” rating and set a $175.00 target price on shares of Snowflake in a research report on Thursday, August 22nd. Jefferies Financial Group boosted their price target on Snowflake from $145.00 to $180.00 and gave the company a “buy” rating in a report on Thursday. Finally, Rosenblatt Securities restated a “buy” rating and set a $180.00 price objective on shares of Snowflake in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total value of $1,811,550.00. Following the transaction, the executive vice president now owns 706,755 shares in the company, valued at $85,354,801.35. This represents a 2.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benoit Dageville sold 287 shares of the business’s 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 in the company, valued at $5,932,582.50. The trade was a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock valued at $7,061,544 over the last three months. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Hedge funds and other institutional investors have recently modified their holdings of the company. LRI Investments LLC acquired a new position in Snowflake in the 1st quarter worth about $29,000. Wellington Shields Capital Management LLC acquired a new position in Snowflake in the second quarter worth approximately $27,000. Groupama Asset Managment bought a new position in Snowflake during the third quarter valued at approximately $25,000. V Square Quantitative Management LLC acquired a new stake in Snowflake in the third quarter valued at approximately $30,000. Finally, Global Financial Private Client LLC acquired a new position in shares of Snowflake during the 1st quarter worth $44,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Up 0.3 %

The business’s fifty day moving average price is $118.98 and its two-hundred day moving average price is $128.19. The firm has a market cap of $57.60 billion, a P/E ratio of -55.90 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. Research analysts predict that Snowflake Inc. will post -2.41 EPS for the current fiscal 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.