Citigroup Raises Snowflake (NYSE:SNOW) Price Target to $230.00

Snowflake (NYSE:SNOW) had its price objective hoisted by equities research analysts at Citigroup from $225.00 to $230.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 34.67% from the stock’s previous close.

Several other research firms have also recently commented on SNOW. Scotiabank raised their target price on Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a research report on Monday, December 9th. BTIG Research raised Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 price target on the stock in a report on Thursday, February 20th. Piper Sandler upped their price objective on shares of Snowflake from $185.00 to $208.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Evercore ISI raised their target price on shares of Snowflake from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Finally, Oppenheimer upped their price target on shares of Snowflake from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average price target of $195.51.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $170.78 on Tuesday. The firm’s 50 day moving average is $172.85 and its two-hundred day moving average is $144.51. The firm has a market capitalization of $56.38 billion, a P/E ratio of -50.38 and a beta of 1.07. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 52 week low of $107.13 and a 52 week high of $235.66.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were 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 approximately $30,268,555. The trade was a 33.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred on 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 in the company, valued at $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. Over the last quarter, insiders have sold 371,810 shares of company stock worth $63,340,544. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds have recently added to or reduced their stakes in SNOW. Groupama Asset Managment acquired a new stake in shares of Snowflake during the 3rd quarter valued at $25,000. Stonebridge Financial Group LLC bought a new stake in shares of Snowflake during the fourth quarter worth about $29,000. West Paces Advisors Inc. acquired a new position in shares of Snowflake in the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC bought a new position in Snowflake in the 4th quarter valued at approximately $31,000. Finally, Quadrant Capital Group LLC raised its holdings in Snowflake by 74.6% in the 4th quarter. Quadrant Capital Group LLC now owns 213 shares of the company’s stock valued at $33,000 after buying an additional 91 shares during the last quarter. 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.