Barclays Upgrades Snowflake (NYSE:SNOW) to "Overweight"

Barclays upgraded shares of Snowflake (NYSE:SNOW - Free Report) from an equal weight rating to an overweight rating in a research note issued to investors on Friday morning, Marketbeat.com reports. Barclays currently has $190.00 target price on the stock.

A number of other brokerages have also commented on SNOW. Argus initiated coverage on shares of Snowflake in a report on Tuesday, October 1st. They set a "hold" rating on the stock. Oppenheimer reaffirmed an "outperform" rating and set a $180.00 target price on shares of Snowflake in a report on Thursday, November 21st. Truist Financial reissued a "buy" rating and issued a $210.00 price target on shares of Snowflake in a research note on Thursday, November 21st. StockNews.com raised Snowflake from a "sell" rating to a "hold" rating in a research note on Wednesday. Finally, JMP Securities reissued a "market outperform" rating and set a $190.00 target price on shares of Snowflake in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $187.11.

Snowflake Trading Up 1.0 %

Shares of Snowflake stock traded up $1.62 on Friday, hitting $162.65. The stock had a trading volume of 5,898,992 shares, compared to its average volume of 4,806,422. The stock has a 50 day moving average of $155.48 and a 200 day moving average of $133.61. The firm has a market capitalization of $53.69 billion, a P/E ratio of -47.98 and a beta of 1.05. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. 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 Activity at Snowflake

In other Snowflake news, CRO Christopher William Degnan sold 12,782 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $157.24, for a total value of $2,009,841.68. Following the completion of the sale, the executive now directly owns 311,999 shares of the company's stock, valued at $49,058,722.76. This trade represents a 3.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Frank Slootman sold 100,000 shares of the company's stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the sale, the director now directly owns 195,281 shares in the company, valued at approximately $30,268,555. This trade represents a 33.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 376,904 shares of company stock valued at $62,545,855 over the last ninety days. Corporate insiders own 7.80% of the company's stock.

Institutional Trading of Snowflake

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC increased its holdings in shares of Snowflake by 190.2% in the second quarter. Acadian Asset Management LLC now owns 8,652 shares of the company's stock worth $1,166,000 after purchasing an additional 5,671 shares during the period. Andra AP fonden purchased a new stake in shares of Snowflake in the 2nd quarter valued at about $3,229,000. American Century Companies Inc. boosted its position in shares of Snowflake by 5.8% during the 2nd quarter. American Century Companies Inc. now owns 707,397 shares of the company's stock valued at $95,562,000 after acquiring an additional 38,966 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Snowflake by 51.3% during the second quarter. Oppenheimer & Co. Inc. now owns 21,798 shares of the company's stock worth $2,945,000 after purchasing an additional 7,389 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Snowflake by 1.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 230,590 shares of the company's stock worth $31,121,000 after purchasing an additional 3,490 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

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.