Snowflake (NYSE:SNOW) Stock Rating Upgraded by Wells Fargo & Company

Snowflake (NYSE:SNOW - Get Free Report) was upgraded by investment analysts at Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a research report issued on Tuesday, Marketbeat.com reports. The firm presently has a $200.00 price objective on the stock, up from their previous price objective of $150.00. Wells Fargo & Company's price objective points to a potential upside of 25.90% from the stock's current price.

Several other research analysts also recently weighed in on the company. DA Davidson reiterated a "buy" rating and set a $175.00 price target on shares of Snowflake in a research note on Thursday, October 3rd. Jefferies Financial Group lifted their target price on shares of Snowflake from $180.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, December 16th. Piper Sandler upped their price target on shares of Snowflake from $185.00 to $208.00 and gave the company an "overweight" rating in a research note on Monday. 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, Citigroup lowered their target price on shares of Snowflake from $200.00 to $183.00 and set a "buy" rating on the stock in a report on Monday, November 18th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $187.11.

Snowflake Stock Performance

Shares of Snowflake stock traded down $4.23 during trading hours on Tuesday, hitting $158.85. 6,583,105 shares of the company's stock traded hands, compared to its average volume of 4,381,537. The company has a fifty day simple moving average of $152.90 and a 200-day simple moving average of $133.00. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The stock has a market capitalization of $52.44 billion, a price-to-earnings ratio of -46.86 and a beta of 1.05. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72.

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 45,896 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director now owns 208,735 shares in the company, valued at $36,749,884.10. This represents a 18.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $180.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the executive vice president now owns 691,755 shares in the company, valued at approximately $124,515,900. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 406,904 shares of company stock worth $66,145,855 in the last three months. 7.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently made changes to their positions in the company. Modus Advisors LLC lifted its holdings in shares of Snowflake by 3.9% during the third quarter. Modus Advisors LLC now owns 2,491 shares of the company's stock valued at $286,000 after purchasing an additional 94 shares during the last quarter. Catalyst Private Wealth LLC grew its stake in shares of Snowflake by 3.2% in the third quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company's stock worth $382,000 after acquiring an additional 104 shares during the last quarter. Clear Creek Financial Management LLC increased its holdings in shares of Snowflake by 6.7% during the third quarter. Clear Creek Financial Management LLC now owns 1,829 shares of the company's stock valued at $210,000 after acquiring an additional 115 shares in the last quarter. Covestor Ltd increased its holdings in shares of Snowflake by 16.2% during the third quarter. Covestor Ltd now owns 827 shares of the company's stock valued at $95,000 after acquiring an additional 115 shares in the last quarter. Finally, Alta Wealth Advisors LLC boosted its stake in Snowflake by 3.9% in the 3rd quarter. Alta Wealth Advisors LLC now owns 3,210 shares of the company's stock worth $369,000 after purchasing an additional 121 shares in 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.