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Exane BNP Paribas upgrades Snowflake Inc (SNOW) stock to an Outperform

In a filing, Snowflake Inc revealed its Chief Revenue Officer Degnan Christopher William unloaded Company’s shares for reported $2.0 million on May 01 ’24. In the deal valued at $156.56 per share,12,782 shares were sold. As a result of this transaction, Degnan Christopher William now holds 354,954 shares worth roughly $56.72 million.

Then, Kleinerman Christian sold 1,500 shares, generating $234,570 in total proceeds. Upon selling the shares at $156.38, the EVP, Product Management now owns 774,097 shares.

Before that, Ramaswamy Sridhar bought 31,542 shares. Snowflake Inc shares valued at $5,000,038 were divested by the Chief Executive Officer at a price of $158.52 per share. As a result of the transaction, Ramaswamy Sridhar now holds 31,542 shares, worth roughly $5.04 million.

Exane BNP Paribas upgraded its Snowflake Inc [SNOW] rating to an Outperform from a a Neutral in a research note published recently. A number of analysts have revised their coverage, including KeyBanc Capital Markets’s analysts, who began to cover the stock in mid April with a ‘”an Overweight”‘ rating. Rosenblatt also remained covering SNOW and has increased its forecast on April 05, 2024 with a “Buy” recommendation from previously “Neutral” rating. Redburn Atlantic revised its rating on March 19, 2024. It rated SNOW as “a Sell” which previously was an “a Neutral”.

Price Performance Review of SNOW

On Monday, Snowflake Inc [NYSE:SNOW] saw its stock jump 1.68% to $159.79. Over the last five days, the stock has lost -2.38%. Snowflake Inc shares have fallen nearly -19.70% since the year began. Nevertheless, the stocks have fallen -6.04% over the past one year. While a 52-week high of $237.72 was reached on 02/12/24, a 52-week low of $138.40 was recorded on 04/22/24. SMA at 50 days reached $157.65, while 200 days put it at $171.84. A total of 3.15 million shares were traded, compared to the trading of 2.44 million shares in the previous session.

Levels Of Support And Resistance For SNOW Stock

The 24-hour chart illustrates a support level at 157.74, which if violated will result in even more drops to 155.69. On the upside, there is a resistance level at 161.61. A further resistance level may holdings at 163.43. The Relative Strength Index (RSI) on the 14-day chart is 52.79, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.11, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 28.54%. Stochastics %K at 61.96% indicates the stock is a holding.

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