Short Interest in Snowflake Inc. (NYSE:SNOW) Decreases By 18.4%

Snowflake Inc. (NYSE:SNOW) was the target of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 10,220,000 shares, a decrease of 18.4% from the December 15th total of 12,530,000 shares. Based on an average daily trading volume, of 6,460,000 shares, the days-to-cover ratio is presently 1.6 days.

Analysts Set New Price Targets

A number of equities research analysts have commented on SNOW shares. Jefferies Financial Group increased their price target on Snowflake from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, December 16th. KeyCorp lifted their target price on shares of Snowflake from $185.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. DA Davidson restated a “buy” rating and set a $175.00 price target on shares of Snowflake in a research note on Thursday, October 3rd. Bank of America lifted their price objective on shares of Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, November 21st. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $180.00 target price on shares of Snowflake in a research report on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $188.06.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the transaction, the executive vice president now directly owns 706,755 shares in the company, valued at approximately $85,354,801.35. This trade represents a 2.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Emily Ho sold 1,508 shares of the company’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $163.17, for a total value of $246,060.36. Following the sale, the chief accounting officer now owns 44,760 shares of the company’s stock, valued at approximately $7,303,489.20. This represents a 3.26 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 376,904 shares of company stock worth $62,545,855. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently bought and sold shares of SNOW. Groupama Asset Managment purchased a new stake in Snowflake in the third quarter valued at $25,000. V Square Quantitative Management LLC purchased a new stake in Snowflake in the 3rd quarter valued at about $30,000. Fortitude Family Office LLC acquired a new position in Snowflake in the third quarter valued at about $34,000. Perkins Coie Trust Co lifted its position in Snowflake by 136.3% in the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock valued at $37,000 after buying an additional 139 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in Snowflake by 81.3% during the third quarter. Larson Financial Group LLC now owns 339 shares of the company’s stock worth $39,000 after buying an additional 152 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Price Performance

SNOW stock traded up $3.25 during mid-day trading on Friday, reaching $170.89. The company’s stock had a trading volume of 4,156,568 shares, compared to its average volume of 3,873,271. The stock has a market cap of $56.41 billion, a PE ratio of -50.41 and a beta of 1.05. The company’s 50 day moving average is $161.11 and its two-hundred day moving average is $135.02. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Snowflake Company Profile

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.