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

Snowflake (NYSE:SNOW) had its target price boosted by analysts at Evercore ISI from $190.00 to $200.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price objective indicates a potential upside of 3.79% from the company’s current price.

A number of other research firms have also recently weighed in on SNOW. Wedbush raised shares of Snowflake from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 21st. Scotiabank raised their price target on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research note on Monday, December 9th. Oppenheimer increased their price objective on shares of Snowflake from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Monday, January 13th. Jefferies Financial Group increased their price objective on shares of Snowflake from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, Piper Sandler raised their price target on shares of Snowflake from $185.00 to $208.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $187.63.

Snowflake Stock Up 2.9 %

Shares of Snowflake stock opened at $192.69 on Wednesday. The company has a market cap of $63.61 billion, a P/E ratio of -56.84 and a beta of 1.07. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. Snowflake has a one year low of $107.13 and a one year high of $236.33. The firm has a fifty day moving average of $171.23 and a two-hundred day moving average of $140.81.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $180.00, for a total value of $2,700,000.00. Following the transaction, the executive vice president now owns 691,755 shares of the company’s stock, valued at approximately $124,515,900. This trade represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 100,000 shares of Snowflake stock in a transaction dated Monday, December 30th. The stock was 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 directly owns 195,281 shares in the company, valued at $30,268,555. This represents a 33.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 516,933 shares of company stock worth $88,283,752. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently bought and sold shares of SNOW. Inspire Investing LLC lifted its holdings in Snowflake by 27.3% in the 3rd quarter. Inspire Investing LLC now owns 2,474 shares of the company’s stock worth $284,000 after purchasing an additional 530 shares during the last quarter. Procyon Advisors LLC lifted its holdings in shares of Snowflake by 20.6% during the third quarter. Procyon Advisors LLC now owns 5,031 shares of the company’s stock worth $578,000 after buying an additional 859 shares during the last quarter. NBC Securities Inc. lifted its position in Snowflake by 2,182.3% in the third quarter. NBC Securities Inc. now owns 2,191 shares of the company’s stock worth $251,000 after purchasing an additional 2,095 shares during the period. Vontobel Holding Ltd. lifted its position in Snowflake by 1.9% in the third quarter. Vontobel Holding Ltd. now owns 55,705 shares of the company’s stock worth $6,398,000 after purchasing an additional 1,047 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Snowflake by 2.4% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 55,516 shares of the company’s stock worth $6,377,000 after purchasing an additional 1,309 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.