Wells Fargo & Company Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price objective raised by Wells Fargo & Company from $125.00 to $150.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

SNOW has been the topic of several other reports. Rosenblatt Securities reissued a “buy” rating and set a $180.00 price objective on shares of Snowflake in a research report on Tuesday, November 19th. Piper Sandler restated an “overweight” rating and set a $185.00 target price (up previously from $165.00) on shares of Snowflake in a research note on Thursday. Wedbush upgraded shares of Snowflake to a “hold” rating in a research note on Thursday, October 17th. Needham & Company LLC raised their target price on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Argus assumed coverage on shares of Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating on the stock. One investment 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 stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Price Performance

NYSE:SNOW opened at $167.44 on Thursday. The firm’s 50-day moving average price is $120.06 and its 200-day moving average price is $127.80. The company has a market capitalization of $56.13 billion, a PE ratio of -49.39 and a beta of 0.83. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the transaction, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,061,544 over the last quarter. 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 company. Ontario Teachers Pension Plan Board grew its holdings in 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 buying an additional 2,559,144 shares in the last quarter. Swedbank AB purchased a new position in shares of Snowflake during the 1st quarter worth $258,957,000. Two Sigma Advisers LP grew its holdings in shares of Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after purchasing an additional 881,700 shares during the period. AQR Capital Management LLC grew its holdings in shares of Snowflake by 210.0% during the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after purchasing an additional 660,168 shares during the period. Finally, SG Americas Securities LLC grew its holdings in shares of Snowflake by 471.9% during the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after purchasing an additional 628,511 shares during the period. 65.10% of the stock is 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.