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

Snowflake (NYSE:SNOW) had its price target boosted by equities researchers at Royal Bank of Canada from $210.00 to $221.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 25.03% from the stock’s previous close.

A number of other equities research analysts also recently commented on the company. Piper Sandler boosted their target price on Snowflake from $208.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday. KeyCorp upped their price objective on Snowflake from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Thursday. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a research report on Thursday. Citigroup boosted their price target on shares of Snowflake from $225.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Wedbush set a $210.00 price objective on shares of Snowflake in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.92.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $176.76 on Thursday. The firm’s fifty day moving average is $173.19 and its two-hundred day moving average is $145.51. Snowflake has a 52-week low of $107.13 and a 52-week high of $194.40. The company has a market cap of $58.35 billion, a P/E ratio of -52.14 and a beta of 1.07. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 100,000 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the sale, the director now owns 195,281 shares of the company’s stock, valued at approximately $30,268,555. This trade represents a 33.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Christopher William Degnan sold 12,782 shares of the business’s stock in a transaction on 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 transaction, the executive now directly owns 323,731 shares of the company’s stock, valued at approximately $56,348,617.86. The trade was a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 312,193 shares of company stock worth $52,833,048 in the last three months. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several hedge funds have recently modified their holdings of the company. Groupama Asset Managment bought a new position in shares of Snowflake during the 3rd quarter worth approximately $25,000. Stonebridge Financial Group LLC purchased a new position in Snowflake in the fourth quarter worth $29,000. West Paces Advisors Inc. acquired a new position in shares of Snowflake during the fourth quarter worth $31,000. Spurstone Advisory Services LLC purchased a new stake in shares of Snowflake during the 4th quarter valued at $31,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Snowflake in the 4th quarter worth $31,000. 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.