Snowflake (NYSE:SNOW) Shares Up 6.4% - Here's What Happened

Snowflake Inc. (NYSE:SNOW - Get Free Report) shares shot up 6.4% during mid-day trading on Tuesday . The stock traded as high as $186.86 and last traded at $186.69. 2,576,758 shares changed hands during trading, a decline of 46% from the average session volume of 4,757,813 shares. The stock had previously closed at $175.52.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SNOW. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Snowflake from $180.00 to $190.00 and gave the company a "buy" rating in a report on Thursday, November 21st. Bank of America boosted their price target on shares of Snowflake from $160.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, November 21st. Monness Crespi & Hardt lifted their price objective on shares of Snowflake from $140.00 to $188.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. Needham & Company LLC lifted their price objective on shares of Snowflake from $160.00 to $200.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. Finally, KeyCorp lifted their price objective on shares of Snowflake from $185.00 to $210.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $188.06.

Snowflake Stock Up 6.6 %

The business's 50 day simple moving average is $166.79 and its 200-day simple moving average is $136.37. The company has a market cap of $61.77 billion, a price-to-earnings ratio of -55.21 and a beta of 1.05. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 of the company's stock, valued at $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 SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 45,896 shares of the company's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $176.06, for a total transaction of $8,080,449.76. Following the sale, the director now directly owns 208,735 shares of the company's stock, valued at approximately $36,749,884.10. This represents a 18.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 504,151 shares of company stock valued at $84,973,139 in the last quarter. Company insiders own 7.80% of the company's stock.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNOW. Jennison Associates LLC lifted its holdings in shares of Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock worth $1,179,230,000 after buying an additional 3,662,671 shares during the last quarter. Ontario Teachers Pension Plan Board raised its stake in Snowflake by 19,399.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company's stock valued at $295,459,000 after purchasing an additional 2,559,144 shares during the last quarter. Two Sigma Advisers LP boosted its holdings in Snowflake by 27.9% in the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company's stock valued at $464,402,000 after purchasing an additional 881,700 shares during the period. SG Americas Securities LLC grew its position in Snowflake by 471.9% in the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company's stock worth $87,489,000 after purchasing an additional 628,511 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Snowflake by 12,318.3% during the 3rd quarter. International Assets Investment Management LLC now owns 530,883 shares of the company's stock worth $60,977,000 after purchasing an additional 526,608 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

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.

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