Macquarie Initiates Coverage on Snowflake (NYSE:SNOW)

Equities researchers at Macquarie initiated coverage on shares of Snowflake (NYSE:SNOW - Get Free Report) in a note issued to investors on Wednesday, MarketBeat Ratings reports. The firm set a "neutral" rating and a $160.00 price target on the stock. Macquarie's target price points to a potential upside of 22.69% from the stock's current price.

A number of other brokerages have also recently weighed in on SNOW. Piper Sandler upped their price objective on Snowflake from $208.00 to $215.00 and gave the stock an "overweight" rating in a research note on Thursday, February 27th. Needham & Company LLC increased their price target on shares of Snowflake from $200.00 to $215.00 and gave the company a "buy" rating in a research report on Thursday, February 27th. KeyCorp lifted their price objective on shares of Snowflake from $210.00 to $220.00 and gave the stock an "overweight" rating in a research report on Thursday, February 27th. Stifel Nicolaus increased their target price on shares of Snowflake from $187.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, February 27th. Finally, Rosenblatt Securities upped their price target on Snowflake from $186.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Ten research analysts have rated the stock with a hold rating, thirty have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $203.05.

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Snowflake Stock Down 6.8 %

NYSE:SNOW traded down $9.49 during trading hours on Wednesday, reaching $130.41. The company's stock had a trading volume of 8,210,700 shares, compared to its average volume of 6,400,660. The stock has a 50 day moving average price of $168.97 and a two-hundred day moving average price of $152.40. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market capitalization of $43.05 billion, a P/E ratio of -38.47 and a beta of 1.13. Snowflake has a 12 month low of $107.13 and a 12 month high of $194.40.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of the firm's stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael Scarpelli sold 300,000 shares of the business's stock in a transaction dated Tuesday, March 25th. The shares were 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 owns 292,610 shares in the company, valued at $47,756,878.10. The trade was a 50.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 491,186 shares of company stock worth $82,353,709. Insiders own 7.80% of the company's stock.

Institutional Trading of Snowflake

Several institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its position in Snowflake by 1.9% in the third quarter. The Manufacturers Life Insurance Company now owns 33,815 shares of the company's stock valued at $3,884,000 after purchasing an additional 633 shares during the period. Erste Asset Management GmbH purchased a new stake in Snowflake in the 3rd quarter valued at about $1,025,000. Benjamin Edwards Inc. acquired a new position in Snowflake in the third quarter valued at about $216,000. Hilltop Holdings Inc. purchased a new position in Snowflake during the third quarter worth about $207,000. Finally, Janus Henderson Group PLC increased its position in shares of Snowflake by 4.2% during the third quarter. Janus Henderson Group PLC now owns 25,231 shares of the company's stock valued at $2,898,000 after acquiring an additional 1,027 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

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.