Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Citigroup Analyst Says

Snowflake (NYSE:SNOW) had its price target hoisted by Citigroup from $230.00 to $235.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently commented on SNOW. Rosenblatt Securities boosted their price target on Snowflake from $186.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Cantor Fitzgerald lifted their price target on shares of Snowflake from $201.00 to $228.00 and gave the company an “overweight” rating in a report on Thursday, February 27th. BTIG Research upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 price objective for the company in a research report on Thursday, February 20th. Jefferies Financial Group cut their price objective on Snowflake from $220.00 to $190.00 and set a “buy” rating on the stock in a report on Monday. Finally, Wells Fargo & Company increased their target price on Snowflake from $210.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, February 27th. Ten investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $203.05.

Snowflake Trading Down 9.3 %

Shares of Snowflake stock opened at $139.63 on Tuesday. The firm’s 50-day moving average price is $169.85 and its two-hundred day moving average price is $152.00. The company has a market capitalization of $46.09 billion, a price-to-earnings ratio of -41.19 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. Snowflake has a 12-month low of $107.13 and a 12-month high of $194.40.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total value of $2,797,500.00. Following the completion of the transaction, the executive vice president now owns 552,930 shares in the company, valued at $103,121,445. This trade represents a 2.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares of the company’s stock, valued at approximately $47,756,878.10. This trade represents a 50.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 491,186 shares of company stock valued at $82,353,709 in the last quarter. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently modified their holdings of SNOW. The Manufacturers Life Insurance Company lifted its stake in shares of Snowflake by 1.9% in the third quarter. The Manufacturers Life Insurance Company now owns 33,815 shares of the company’s stock worth $3,884,000 after buying an additional 633 shares in the last quarter. Erste Asset Management GmbH bought a new position in Snowflake in the 3rd quarter valued at approximately $1,025,000. Benjamin Edwards Inc. bought a new stake in shares of Snowflake in the 3rd quarter worth $216,000. Concentric Capital Strategies LP raised its stake in shares of Snowflake by 21.0% in the third quarter. Concentric Capital Strategies LP now owns 27,405 shares of the company’s stock worth $3,148,000 after purchasing an additional 4,762 shares during the last quarter. Finally, Hilltop Holdings Inc. purchased a new stake in shares of Snowflake during the third quarter valued at $207,000. 65.10% of the stock is currently owned by 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.