Snowflake (NYSE:SNOW) Upgraded by Wells Fargo & Company to Overweight Rating

Snowflake (NYSE:SNOW) was upgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a $200.00 price objective on the stock, up from their prior price objective of $150.00. Wells Fargo & Company‘s price target indicates a potential upside of 22.52% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Piper Sandler increased their price objective on shares of Snowflake from $185.00 to $208.00 and gave the company an “overweight” rating in a research report on Monday. KeyCorp increased their price objective 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. TD Cowen upped their target price on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Jefferies Financial Group upped their target price on shares of Snowflake from $180.00 to $200.00 and gave the company a “buy” rating in a report on Monday, December 16th. Finally, UBS Group lowered their target price on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, September 24th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $187.11.

Snowflake Price Performance

Shares of SNOW opened at $163.24 on Tuesday. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The firm’s 50 day moving average price is $152.90 and its 200 day moving average price is $133.00. The company has a market cap of $53.89 billion, a P/E ratio of -48.15 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.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 721,755 shares in the company, valued at approximately $86,610,600. This trade represents a 3.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 45,896 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $176.06, for a total transaction of $8,080,449.76. Following the transaction, the director now owns 208,735 shares of the company’s stock, valued at $36,749,884.10. This trade represents a 18.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 406,904 shares of company stock worth $66,145,855 in the last 90 days. 7.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Doliver Advisors LP grew its holdings in shares of Snowflake by 268.7% during the fourth quarter. Doliver Advisors LP now owns 8,262 shares of the company’s stock worth $1,276,000 after buying an additional 6,021 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Snowflake by 2.3% in the fourth quarter. Nordea Investment Management AB now owns 23,911 shares of the company’s stock worth $3,682,000 after acquiring an additional 536 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Snowflake in the fourth quarter worth approximately $1,390,000. GAMMA Investing LLC boosted its position in shares of Snowflake by 59.6% in the fourth quarter. GAMMA Investing LLC now owns 391 shares of the company’s stock worth $60,000 after acquiring an additional 146 shares during the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new stake in shares of Snowflake in the third quarter worth approximately $12,145,000. 65.10% of the stock is currently 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.