Bank of America Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price objective boosted by stock analysts at Bank of America from $185.00 to $205.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 15.30% from the company’s previous close.

SNOW has been the topic of a number of other reports. Truist Financial reiterated a “buy” rating and issued a $210.00 price objective on shares of Snowflake in a report on Thursday, November 21st. Wedbush upgraded Snowflake from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 21st. KeyCorp upped their price target on Snowflake from $185.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Cantor Fitzgerald initiated coverage on Snowflake in a research note on Friday, January 17th. They set an “overweight” rating and a $201.00 price target on the stock. Finally, Monness Crespi & Hardt upped their price target on Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. One investment 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 data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $192.89.

Snowflake Trading Down 3.9 %

SNOW opened at $177.79 on Thursday. Snowflake has a one year low of $107.13 and a one year high of $235.66. The stock has a market capitalization of $58.69 billion, a PE ratio of -52.45 and a beta of 1.07. The business’s 50 day moving average price is $172.88 and its 200 day moving average price is $143.76. 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 Buying and Selling at Snowflake

In related news, CAO Emily Ho sold 2,021 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $173.68, for a total value of $351,007.28. Following the completion of the sale, the chief accounting officer now owns 26,874 shares in the company, valued at $4,667,476.32. This trade represents a 6.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $180.00, for a total transaction of $2,700,000.00. Following the completion of the transaction, the executive vice president now directly owns 691,755 shares of the company’s stock, valued at approximately $124,515,900. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 394,345 shares of company stock worth $67,286,835 over the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SNOW. Toronto Dominion Bank grew its stake in Snowflake by 24.1% in the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock worth $4,276,000 after acquiring an additional 7,239 shares during the period. Prospect Financial Services LLC purchased a new stake in shares of Snowflake during the 4th quarter valued at about $288,000. Independent Advisor Alliance grew its stake in Snowflake by 15.5% during the 3rd quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock valued at $468,000 after purchasing an additional 548 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Snowflake by 1.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company’s stock worth $104,028,000 after acquiring an additional 8,857 shares in the last quarter. Finally, Bourgeon Capital Management LLC acquired a new position in shares of Snowflake in the 4th quarter worth approximately $5,851,000. 65.10% of the stock is 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.