Needham & Company LLC Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price target hoisted by investment analysts at Needham & Company LLC from $200.00 to $215.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 21.63% from the stock’s current price.

Several other brokerages also recently issued reports on SNOW. Jefferies Financial Group raised their price target on Snowflake from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Wedbush set a $210.00 price target on Snowflake in a research report on Wednesday, January 22nd. Scotiabank increased their price objective on Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a research report on Monday, December 9th. Wolfe Research raised shares of Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 target price on the stock in a research report on Tuesday, February 18th. Finally, Canaccord Genuity Group upped their target price on shares of Snowflake from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average price target of $202.92.

Snowflake Price Performance

Shares of Snowflake stock opened at $176.76 on Thursday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $173.19 and a 200-day simple moving average of $145.51. The stock has a market capitalization of $58.35 billion, a price-to-earnings ratio of -52.14 and a beta of 1.07. Snowflake has a 1-year low of $107.13 and a 1-year high of $194.40.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $179.00, for a total value of $99,882.00. Following the transaction, the executive vice president now directly owns 690,647 shares in the company, valued at $123,625,813. This trade represents a 0.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Emily Ho sold 1,508 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $163.17, for a total value of $246,060.36. Following the completion of the sale, the chief accounting officer now owns 44,760 shares of the company’s stock, valued at $7,303,489.20. This represents a 3.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 312,193 shares of company stock valued at $52,833,048. 7.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SNOW. Groupama Asset Managment bought a new position in shares of Snowflake during the third quarter worth $25,000. Stonebridge Financial Group LLC acquired a new stake in Snowflake during the 4th quarter worth $29,000. West Paces Advisors Inc. bought a new position in Snowflake during the fourth quarter worth about $31,000. Spurstone Advisory Services LLC acquired a new position in Snowflake in the fourth quarter valued at about $31,000. Finally, Capital A Wealth Management LLC bought a new stake in shares of Snowflake in the fourth quarter worth about $31,000. Institutional investors and hedge funds 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.