Snowflake (NYSE:SNOW) Rating Lowered to "Hold" at Wedbush

Wedbush downgraded shares of Snowflake (NYSE:SNOW - Free Report) from a strong-buy rating to a hold rating in a report released on Wednesday,Zacks.com reports.

SNOW has been the subject of a number of other reports. Citigroup decreased their price objective on shares of Snowflake from $200.00 to $183.00 and set a "buy" rating for the company in a report on Monday, November 18th. Royal Bank of Canada upped their price target on Snowflake from $175.00 to $188.00 and gave the stock an "outperform" rating in a research note on Thursday, November 21st. Truist Financial reissued a "buy" rating and issued a $210.00 price objective on shares of Snowflake in a research note on Thursday, November 21st. Robert W. Baird decreased their target price on Snowflake from $200.00 to $165.00 and set an "outperform" rating for the company in a research report on Tuesday, August 20th. Finally, Argus started coverage on shares of Snowflake in a research report on Tuesday, October 1st. They issued a "hold" rating on the stock. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $184.46.

Snowflake Stock Up 1.3 %

SNOW stock traded up $2.08 during trading hours on Wednesday, hitting $166.29. The company's stock had a trading volume of 5,270,706 shares, compared to its average volume of 6,777,028. The stock has a 50 day moving average price of $143.77 and a two-hundred day moving average price of $130.66. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The company has a market capitalization of $54.89 billion, a PE ratio of -49.05 and a beta of 1.03. 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 Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 3,029 shares of the firm's stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $171.00, for a total transaction of $517,959.00. Following the completion of the sale, the executive vice president now directly owns 684,639 shares of the company's stock, valued at $117,073,269. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the transaction, the insider now owns 53,250 shares of the company's stock, valued at approximately $5,932,582.50. The trade was a 0.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 292,901 shares of company stock valued at $48,375,520. 7.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Snowflake

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNOW. Oddo BHF Asset Management Sas bought a new stake in shares of Snowflake during the third quarter valued at approximately $12,145,000. Garde Capital Inc. lifted its holdings in Snowflake by 9.5% during the 3rd quarter. Garde Capital Inc. now owns 6,050 shares of the company's stock worth $695,000 after buying an additional 526 shares in the last quarter. Franklin Resources Inc. boosted its position in Snowflake by 1.4% in the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company's stock valued at $66,086,000 after buying an additional 7,373 shares during the last quarter. Synovus Financial Corp increased its stake in shares of Snowflake by 28.6% in the 3rd quarter. Synovus Financial Corp now owns 6,077 shares of the company's stock valued at $698,000 after buying an additional 1,352 shares during the period. Finally, Blankinship & Foster LLC bought a new stake in shares of Snowflake during the third quarter worth $896,000. 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.