UBS Group Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its target price upped by equities research analysts at UBS Group from $190.00 to $200.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price target would suggest a potential upside of 12.29% from the stock’s current price.

SNOW has been the subject of several other research reports. Scotiabank boosted their price target on Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a research note on Monday, December 9th. Truist Financial reissued a “buy” rating and issued a $225.00 price target (up previously from $210.00) on shares of Snowflake in a research report on Thursday. Oppenheimer raised their price target on Snowflake from $200.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday. Mizuho upped their target price on shares of Snowflake from $195.00 to $205.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Finally, KeyCorp boosted their price objective on shares of Snowflake from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $202.65.

Snowflake Stock Performance

Snowflake stock traded up $11.92 during mid-day trading on Thursday, hitting $178.11. 15,526,023 shares of the company’s stock traded hands, compared to its average volume of 5,732,333. The company has a market cap of $58.79 billion, a PE ratio of -52.73 and a beta of 1.07. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average price of $172.79 and a 200 day moving average price of $144.94. Snowflake has a one year low of $107.13 and a one year high of $233.88.

Insiders Place Their Bets

In other news, 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 transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Slootman sold 2,218 shares of Snowflake stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $175.00, for a total transaction of $388,150.00. Following the transaction, the director now owns 208,735 shares in the company, valued at approximately $36,528,625. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 371,810 shares of company stock valued at $63,340,544 over the last three months. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Asset Dedication LLC boosted its stake in Snowflake by 6.8% during the fourth quarter. Asset Dedication LLC now owns 922 shares of the company’s stock worth $142,000 after buying an additional 59 shares during the period. Quarry LP grew its stake in shares of Snowflake by 9.8% during the fourth quarter. Quarry LP now owns 662 shares of the company’s stock worth $102,000 after acquiring an additional 59 shares during the last quarter. Breakwater Capital Group raised its stake in Snowflake by 2.2% in the 4th quarter. Breakwater Capital Group now owns 2,938 shares of the company’s stock worth $454,000 after acquiring an additional 62 shares during the last quarter. Gabelli Funds LLC lifted its holdings in shares of Snowflake by 3.3% during the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company’s stock worth $317,000 after purchasing an additional 65 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its stake in Snowflake by 0.6% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,191 shares of the company’s stock valued at $2,077,000 after acquiring an additional 69 shares during the period. Hedge funds and other institutional investors 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.