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

Snowflake (NYSE:SNOW) had its price target hoisted by analysts at Oppenheimer from $200.00 to $220.00 in a report released on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target indicates a potential upside of 32.37% from the company’s previous close.

A number of other equities analysts have also recently commented on SNOW. Piper Sandler increased their target price on Snowflake from $208.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft boosted their price target on Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Bank of America lifted their target price on shares of Snowflake from $185.00 to $205.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Wedbush set a $210.00 target price on shares of Snowflake in a research report on Wednesday, January 22nd. Finally, BTIG Research raised shares of Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 price target on the stock in a research note on Thursday, February 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $198.46.

Snowflake Stock Up 1.2 %

SNOW stock opened at $166.20 on Thursday. Snowflake has a 52 week low of $107.13 and a 52 week high of $235.66. 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 simple moving average of $172.79 and a 200-day simple moving average of $144.94. The stock has a market capitalization of $54.86 billion, a P/E ratio of -49.03 and a beta of 1.07.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 59,617 shares of the company’s 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 sale, the director now directly owns 208,735 shares of the company’s stock, valued at $36,789,543.75. This represents a 22.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the completion of the transaction, the executive vice president now directly owns 552,930 shares of the company’s stock, valued at $103,121,445. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 371,810 shares of company stock worth $63,340,544 over the last ninety days. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

A number of large investors have recently modified their holdings of the stock. Groupama Asset Managment purchased a new position in Snowflake in the third quarter valued at $25,000. Stonebridge Financial Group LLC purchased a new stake in Snowflake during the 4th quarter worth about $29,000. West Paces Advisors Inc. acquired a new stake in Snowflake in the 4th quarter valued at about $31,000. Spurstone Advisory Services LLC purchased a new position in shares of Snowflake in the 4th quarter valued at about $31,000. Finally, Capital A Wealth Management LLC purchased a new position in shares of Snowflake in the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.