Snowflake (NYSE:SNOW) Trading 1.5% Higher – Time to Buy?

Snowflake Inc. (NYSE:SNOW)’s stock price rose 1.5% during trading on Friday . The stock traded as high as $167.62 and last traded at $166.65. Approximately 1,132,389 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 6,759,359 shares. The stock had previously closed at $164.21.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. TD Cowen increased their price objective on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $180.00 price target on shares of Snowflake in a research report on Tuesday, November 19th. Wedbush downgraded Snowflake from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Finally, UBS Group lowered their price target on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, September 24th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average price target of $184.46.

Snowflake Stock Up 1.3 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The firm’s 50-day moving average is $143.77 and its 200 day moving average is $130.62. The firm has a market capitalization of $54.89 billion, a PE ratio of -49.05 and a beta of 1.03.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 30,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the transaction, the executive vice president now owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. The trade was a 3.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the sale, the insider now directly owns 53,250 shares in the company, valued at $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 292,901 shares of company stock valued at $48,375,520 over the last quarter. Corporate insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently made changes to their positions in the business. LRI Investments LLC increased its holdings in shares of Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 112 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new position in shares of Snowflake in the 2nd quarter worth about $27,000. Groupama Asset Managment acquired a new position in shares of Snowflake in the 3rd quarter valued at about $25,000. V Square Quantitative Management LLC purchased a new stake in shares of Snowflake during the 3rd quarter worth about $30,000. Finally, Fortitude Family Office LLC acquired a new stake in Snowflake during the 3rd quarter worth approximately $34,000. 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.