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

Snowflake (NYSE:SNOW) had its price target upped by equities researchers at Oppenheimer from $180.00 to $200.00 in a report released on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price objective points to a potential upside of 22.40% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada raised their price target on shares of Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Citigroup cut their target price on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research note on Monday, November 18th. Rosenblatt Securities reaffirmed a “buy” rating and set a $180.00 price target on shares of Snowflake in a research report on Tuesday, November 19th. Evercore ISI raised their price objective on Snowflake from $170.00 to $190.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Finally, Needham & Company LLC upped their target price on Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $187.69.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $163.40 on Monday. The firm has a market capitalization of $53.94 billion, a PE ratio of -48.20 and a beta of 1.05. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. 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 business has a 50-day moving average of $158.33 and a two-hundred day moving average of $134.37.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the completion of the transaction, the executive vice president now owns 706,755 shares in the company, valued at approximately $85,354,801.35. This represents a 2.08 % decrease in their ownership of the stock. 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 100,000 shares of Snowflake stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the completion of the sale, the director now owns 195,281 shares in the company, valued at approximately $30,268,555. This represents a 33.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 376,904 shares of company stock worth $62,545,855. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

Several large investors have recently added to or reduced their stakes in SNOW. Acadian Asset Management LLC raised its position in shares of Snowflake by 190.2% during the 2nd quarter. Acadian Asset Management LLC now owns 8,652 shares of the company’s stock worth $1,166,000 after buying an additional 5,671 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in Snowflake by 51.3% during the second quarter. Oppenheimer & Co. Inc. now owns 21,798 shares of the company’s stock worth $2,945,000 after purchasing an additional 7,389 shares in the last quarter. Parallel Advisors LLC lifted its position in Snowflake by 25.9% in the second quarter. Parallel Advisors LLC now owns 12,292 shares of the company’s stock worth $1,660,000 after purchasing an additional 2,532 shares during the period. Wealthspire Advisors LLC boosted its stake in Snowflake by 2.2% during the 2nd quarter. Wealthspire Advisors LLC now owns 8,849 shares of the company’s stock valued at $1,195,000 after purchasing an additional 191 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Snowflake by 4.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 23,571 shares of the company’s stock valued at $3,184,000 after purchasing an additional 1,085 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.