Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Snowflake (NYSE:SNOW) had its price objective boosted by stock analysts at Royal Bank of Canada from $210.00 to $221.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 25.03% from the company’s previous close.

Several other research firms also recently weighed in on SNOW. Mizuho boosted their price target on Snowflake from $195.00 to $205.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group upped their target price on Snowflake from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday. Truist Financial reissued a “buy” rating and set a $225.00 price target (up from $210.00) on shares of Snowflake in a research report on Thursday. Barclays upped their price objective on shares of Snowflake from $190.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday. Finally, KeyCorp increased their price objective on shares of Snowflake from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $202.92.

Snowflake Trading Up 1.8 %

NYSE:SNOW opened at $176.76 on Thursday. The company has a market capitalization of $58.35 billion, a P/E ratio of -52.14 and a beta of 1.07. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 12 month low of $107.13 and a 12 month high of $194.40. The firm has a fifty day simple moving average of $173.19 and a 200-day simple moving average of $145.51.

Insiders Place Their Bets

In other Snowflake news, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $174.06, for a total value of $2,224,834.92. Following the completion of the sale, the executive now owns 323,731 shares in the company, valued at approximately $56,348,617.86. This represents a 3.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 2,218 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $175.00, for a total transaction of $388,150.00. Following the completion of the transaction, the director now directly owns 208,735 shares in the company, valued at $36,528,625. This trade represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 312,193 shares of company stock valued at $52,833,048 in the last 90 days. 7.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Snowflake

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Snowflake in the 4th quarter worth $24,081,000. Employees Retirement System of Texas grew its holdings in shares of Snowflake by 300.3% in the fourth quarter. Employees Retirement System of Texas now owns 43,235 shares of the company’s stock valued at $6,676,000 after purchasing an additional 32,435 shares during the period. Jefferies Financial Group Inc. increased its position in Snowflake by 139.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 6,135 shares of the company’s stock worth $947,000 after purchasing an additional 3,577 shares during the last quarter. Carolinas Wealth Consulting LLC purchased a new position in Snowflake during the fourth quarter worth about $32,000. Finally, Capital A Wealth Management LLC acquired a new position in Snowflake in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Company Profile

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.