Rosenblatt Securities Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price target raised by research analysts at Rosenblatt Securities from $186.00 to $205.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities’ price target points to a potential upside of 22.29% from the stock’s current price.

Several other research analysts have also recently commented on the company. Evercore ISI boosted their price target on Snowflake from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Piper Sandler lifted their price target on shares of Snowflake from $185.00 to $208.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. JMP Securities reiterated a “market outperform” rating and set a $190.00 price objective on shares of Snowflake in a research note on Tuesday, December 3rd. Truist Financial restated a “buy” rating and issued a $210.00 target price on shares of Snowflake in a research note on Thursday, November 21st. Finally, Jefferies Financial Group boosted their price objective on Snowflake from $200.00 to $220.00 and gave the company a “buy” rating in a report on Friday. One 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 company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $196.19.

Snowflake Price Performance

SNOW opened at $167.63 on Tuesday. Snowflake has a twelve month low of $107.13 and a twelve month high of $235.66. The firm has a market cap of $55.33 billion, a price-to-earnings ratio of -49.62 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. The company has a fifty day simple moving average of $172.85 and a 200 day simple moving average of $144.51.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 59,617 shares of Snowflake stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $176.25, for a total transaction of $10,507,496.25. Following the transaction, the director now directly owns 208,735 shares in the company, valued at approximately $36,789,543.75. The trade was a 22.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $174.06, for a total value of $2,224,834.92. Following the completion of the sale, the executive now directly owns 323,731 shares of the company’s stock, valued at approximately $56,348,617.86. This represents a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 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.

Hedge Funds Weigh In On Snowflake

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Snowflake in the fourth quarter worth $988,950,000. GQG Partners LLC bought a new stake in Snowflake during the fourth quarter valued at about $750,572,000. Jennison Associates LLC grew its position in shares of Snowflake by 92.2% in the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after purchasing an additional 3,662,671 shares during the last quarter. FMR LLC increased its stake in shares of Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after purchasing an additional 2,805,425 shares during the period. Finally, Ontario Teachers Pension Plan Board lifted its position in shares of Snowflake by 19,399.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after purchasing an additional 2,559,144 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Company Profile

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.