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

Snowflake (NYSE:SNOW) had its price objective boosted by Royal Bank of Canada from $210.00 to $221.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other analysts have also issued reports about the stock. Piper Sandler increased their price target on shares of Snowflake from $208.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday. TD Cowen increased their price target on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Rosenblatt Securities increased their price target on shares of Snowflake from $186.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Oppenheimer upped their price objective on shares of Snowflake from $200.00 to $220.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Truist Financial restated a “buy” rating and set a $225.00 price objective (up previously from $210.00) on shares of Snowflake in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $202.92.

Snowflake Stock Performance

SNOW stock opened at $176.76 on Thursday. The firm has a market cap of $58.35 billion, a price-to-earnings ratio of -52.14 and a beta of 1.07. The firm has a 50-day simple moving average of $173.19 and a two-hundred day simple moving average of $145.64. Snowflake has a one year low of $107.13 and a one year high of $194.40. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Insider Activity

In other Snowflake news, CAO Emily Ho sold 1,508 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $163.17, for a total value of $246,060.36. Following the transaction, the chief accounting officer now owns 44,760 shares in the company, valued at approximately $7,303,489.20. This trade represents a 3.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frank Slootman sold 100,000 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $155.00, for a total value of $15,500,000.00. Following the completion of the transaction, the director now owns 195,281 shares in the company, valued at $30,268,555. The trade was a 33.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 312,193 shares of company stock worth $52,833,048 in the last quarter. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Groupama Asset Managment purchased a new position in Snowflake in the 3rd quarter valued at $25,000. Stonebridge Financial Group LLC purchased a new position in shares of Snowflake during the 4th quarter worth $29,000. West Paces Advisors Inc. purchased a new position in shares of Snowflake during the 4th quarter worth $31,000. Spurstone Advisory Services LLC purchased a new position in shares of Snowflake during the 4th quarter worth $31,000. Finally, Capital A Wealth Management LLC purchased a new position in shares of Snowflake during the 4th quarter worth $31,000. Hedge funds and other institutional investors 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.