Jefferies Financial Group Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price target boosted by Jefferies Financial Group from $145.00 to $180.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently commented on SNOW. Morgan Stanley reissued an “equal weight” rating and set a $175.00 target price on shares of Snowflake in a research report on Thursday, August 22nd. Wells Fargo & Company raised their price target on shares of Snowflake from $125.00 to $150.00 and gave the stock an “equal weight” rating in a report on Thursday. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and raised their price target for the stock from $119.00 to $121.00 in a report on Friday, August 23rd. JMP Securities decreased their price target on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. Finally, Citigroup decreased their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Stock Down 2.3 %

NYSE:SNOW opened at $167.44 on Thursday. Snowflake has a 52 week low of $107.13 and a 52 week high of $237.72. The firm has a 50 day moving average of $120.06 and a 200 day moving average of $127.80. The stock has a market capitalization of $56.13 billion, a price-to-earnings ratio of -49.39 and a beta of 0.83.

Insider Activity

In other news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the transaction, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. This trade represents a 3.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock worth $7,061,544 over the last 90 days. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently bought and sold shares of the company. Ontario Teachers Pension Plan Board raised its stake in shares of Snowflake by 19,399.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after acquiring an additional 2,559,144 shares during the period. Swedbank AB acquired a new position in shares of Snowflake during the first quarter worth about $258,957,000. Two Sigma Advisers LP increased its stake in shares of Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after buying an additional 881,700 shares during the period. AQR Capital Management LLC raised its holdings in Snowflake by 210.0% in the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after acquiring an additional 660,168 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Snowflake by 471.9% in the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock valued at $87,489,000 after acquiring an additional 628,511 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.