Bank of America Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price objective increased by stock analysts at Bank of America from $185.00 to $205.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price target indicates a potential upside of 9.95% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Wells Fargo & Company raised Snowflake from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $150.00 to $200.00 in a report on Tuesday, January 7th. Cantor Fitzgerald assumed coverage on Snowflake in a report on Friday, January 17th. They issued an “overweight” rating and a $201.00 price target for the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $180.00 price objective on shares of Snowflake in a research note on Tuesday, November 19th. UBS Group boosted their target price on shares of Snowflake from $155.00 to $190.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Oppenheimer increased their price target on shares of Snowflake from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $192.08.

Snowflake Trading Down 3.3 %

NYSE SNOW opened at $186.44 on Thursday. Snowflake has a 1 year low of $107.13 and a 1 year high of $235.66. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The company has a market capitalization of $61.54 billion, a PE ratio of -55.00 and a beta of 1.07. The company has a fifty day moving average of $172.37 and a 200 day moving average of $143.01.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 45,896 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $176.06, for a total value of $8,080,449.76. Following the completion of the sale, the director now owns 208,735 shares of the company’s stock, valued at $36,749,884.10. This represents a 18.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Emily Ho sold 2,021 shares of Snowflake stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $173.68, for a total transaction of $351,007.28. Following the sale, the chief accounting officer now directly owns 26,874 shares in the company, valued at approximately $4,667,476.32. The trade was a 6.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 440,241 shares of company stock valued at $75,367,285 in the last three months. 7.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Toronto Dominion Bank lifted its position in Snowflake by 9.2% in the fourth quarter. Toronto Dominion Bank now owns 40,655 shares of the company’s stock valued at $6,278,000 after buying an additional 3,429 shares during the last quarter. Cache Advisors LLC purchased a new stake in shares of Snowflake in the 4th quarter valued at approximately $3,716,000. Fourth Dimension Wealth LLC acquired a new position in shares of Snowflake in the 4th quarter worth approximately $208,000. Vise Technologies Inc. purchased a new position in shares of Snowflake during the 4th quarter worth approximately $213,000. Finally, Pinnacle Investment Management Ltd acquired a new stake in Snowflake in the 4th quarter valued at approximately $3,088,000. 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.