Bank of America Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price objective upped by Bank of America from $185.00 to $205.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages also recently commented on SNOW. Truist Financial restated a “buy” rating and issued a $210.00 target price on shares of Snowflake in a research note on Thursday, November 21st. Deutsche Bank Aktiengesellschaft upped their target price on Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Monness Crespi & Hardt upped their target price on Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Wedbush upgraded Snowflake from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 21st. Finally, StockNews.com raised Snowflake from a “sell” rating to a “hold” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.08.

Snowflake Stock Performance

Snowflake stock opened at $185.35 on Thursday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The business’s 50-day simple moving average is $172.68 and its two-hundred day simple moving average is $143.31. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $235.66.

Insider Buying and Selling

In related news, CAO Emily Ho sold 2,021 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $173.68, for a total value of $351,007.28. Following the completion of the transaction, the chief accounting officer now directly owns 26,874 shares in the company, valued at approximately $4,667,476.32. This represents a 6.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $174.06, for a total value of $2,224,834.92. Following the completion of the transaction, the executive now owns 323,731 shares of the company’s stock, valued at $56,348,617.86. The trade was a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 394,345 shares of company stock worth $67,286,835. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Asset Dedication LLC boosted its position in shares of Snowflake by 6.8% during the fourth quarter. Asset Dedication LLC now owns 922 shares of the company’s stock worth $142,000 after buying an additional 59 shares during the period. Quarry LP boosted its position in shares of Snowflake by 9.8% during the fourth quarter. Quarry LP now owns 662 shares of the company’s stock worth $102,000 after buying an additional 59 shares during the period. Breakwater Capital Group boosted its position in shares of Snowflake by 2.2% during the fourth quarter. Breakwater Capital Group now owns 2,938 shares of the company’s stock worth $454,000 after buying an additional 62 shares during the period. Gabelli Funds LLC boosted its position in shares of Snowflake by 3.3% during the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company’s stock worth $317,000 after buying an additional 65 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of Snowflake by 0.6% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,191 shares of the company’s stock worth $2,077,000 after buying an additional 69 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.