Mizuho Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price objective raised by research analysts at Mizuho from $195.00 to $205.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s target price would suggest a potential upside of 11.69% from the stock’s current price.

Other analysts also recently issued research reports about the company. Citigroup lowered their price objective on Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research report on Monday, November 18th. Bank of America lifted their price target on Snowflake from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, November 21st. Wedbush upgraded shares of Snowflake from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 21st. JMP Securities reiterated a “market outperform” rating and issued a $190.00 price target on shares of Snowflake in a research note on Tuesday, December 3rd. Finally, Oppenheimer upped their price objective on shares of Snowflake from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Monday, January 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus target price of $187.34.

Snowflake Trading Down 1.4 %

Shares of SNOW opened at $183.54 on Wednesday. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The stock has a market cap of $60.59 billion, a PE ratio of -54.14 and a beta of 1.07. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The business’s 50-day moving average price is $171.06 and its 200-day moving average price is $140.10.

Insider Activity

In related news, Director Frank Slootman sold 45,896 shares of the firm’s stock in a transaction dated 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 directly owns 208,735 shares in the company, valued at $36,749,884.10. This trade represents a 18.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total value of $2,797,500.00. Following the transaction, the executive vice president now directly owns 552,930 shares of the company’s stock, valued at $103,121,445. The trade was a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 516,933 shares of company stock worth $88,283,752 over the last three months. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNOW. GQG Partners LLC acquired a new position in Snowflake during the fourth quarter worth $750,572,000. Jennison Associates LLC raised its holdings in Snowflake by 92.2% in the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after acquiring an additional 3,662,671 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its position in Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after buying an additional 2,559,144 shares during the period. Two Sigma Advisers LP lifted its holdings in shares of Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after acquiring an additional 881,700 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Snowflake during the 4th quarter worth $124,433,000. 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.