Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Bank of America Analyst Says

Snowflake (NYSE:SNOW) had its price target upped by Bank of America from $160.00 to $185.00 in a research note published on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms also recently issued reports on SNOW. Wedbush raised shares of Snowflake to a “hold” rating in a report on Thursday, October 17th. Royal Bank of Canada raised their price objective on Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a report on Thursday. Citigroup cut their target price on Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research note on Monday, November 18th. Piper Sandler reissued an “overweight” rating and set a $185.00 price target (up from $165.00) on shares of Snowflake in a research note on Thursday. Finally, HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and upped their price objective for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Trading Down 2.3 %

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

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 3,029 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $346,487.31. Following the completion of the transaction, the executive vice president now directly owns 753,464 shares of the company’s stock, valued at approximately $86,188,746.96. This trade represents a 0.40 % 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 1,606 shares of Snowflake stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock valued at $7,061,544 in the last ninety days. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds have recently bought and sold shares of SNOW. LRI Investments LLC increased its stake in shares of Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares during the last quarter. Groupama Asset Managment acquired a new position in Snowflake during the third quarter worth $25,000. Wellington Shields Capital Management LLC acquired a new stake in Snowflake in the 2nd quarter worth approximately $27,000. V Square Quantitative Management LLC bought a new position in shares of Snowflake in the third quarter valued at approximately $30,000. Finally, Fortitude Family Office LLC bought a new position in Snowflake in the 3rd quarter worth approximately $34,000. 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.