Snowflake (NYSE:SNOW) Stock Price Up 6.4% - What's Next?

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s share price rose 6.4% during trading on Tuesday . The stock traded as high as $186.86 and last traded at $186.69. Approximately 2,576,758 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 4,757,813 shares. The stock had previously closed at $175.52.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Piper Sandler lifted their price target on Snowflake from $185.00 to $208.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. DA Davidson reissued a "buy" rating and issued a $175.00 target price on shares of Snowflake in a research report on Thursday, October 3rd. Cantor Fitzgerald initiated coverage on shares of Snowflake in a research note on Friday, January 17th. They issued an "overweight" rating and a $201.00 price target on the stock. Royal Bank of Canada lifted their price objective on shares of Snowflake from $175.00 to $188.00 and gave the stock an "outperform" rating in a research note on Thursday, November 21st. Finally, Loop Capital increased their target price on shares of Snowflake from $185.00 to $205.00 and gave the stock a "buy" rating in a research report on Monday, December 23rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $188.06.

Snowflake Price Performance

The firm has a market cap of $59.97 billion, a price-to-earnings ratio of -53.59 and a beta of 1.05. The business's 50-day simple moving average is $169.19 and its two-hundred day simple moving average is $137.36. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 127,247 shares of Snowflake stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $176.25, for a total value of $22,427,283.75. Following the completion of the sale, the director now owns 195,281 shares in the company, valued at $34,418,276.25. The trade was a 39.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Christian Kleinerman sold 558 shares of the business's stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $179.00, for a total transaction of $99,882.00. Following the transaction, the executive vice president now owns 690,647 shares in the company, valued at $123,625,813. The trade was a 0.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 504,151 shares of company stock worth $84,973,139 over the last three months. 7.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC raised its holdings in shares of Snowflake by 86.5% in the 4th quarter. Global Retirement Partners LLC now owns 2,270 shares of the company's stock worth $351,000 after acquiring an additional 1,053 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new stake in Snowflake during the fourth quarter worth $7,736,000. Venturi Wealth Management LLC raised its position in Snowflake by 575.6% in the 4th quarter. Venturi Wealth Management LLC now owns 3,655 shares of the company's stock valued at $564,000 after buying an additional 3,114 shares during the last quarter. D.A. Davidson & CO. lifted its stake in Snowflake by 93.1% during the 4th quarter. D.A. Davidson & CO. now owns 66,901 shares of the company's stock valued at $10,330,000 after acquiring an additional 32,253 shares in the last quarter. Finally, Truist Financial Corp boosted its holdings in Snowflake by 33.1% during the 4th quarter. Truist Financial Corp now owns 41,820 shares of the company's stock worth $6,457,000 after acquiring an additional 10,409 shares during the last quarter. Institutional investors 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.