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

Snowflake (NYSE:SNOW) had its target price lifted by Royal Bank of Canada from $210.00 to $221.00 in a report released on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

SNOW has been the subject of several other reports. Canaccord Genuity Group increased their price objective on Snowflake from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday. Wedbush set a $210.00 price target on Snowflake in a research note on Wednesday, January 22nd. Wolfe Research upgraded Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price target for the company in a report on Tuesday, February 18th. Loop Capital increased their price objective on Snowflake from $185.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, December 23rd. Finally, KeyCorp raised their price objective on shares of Snowflake from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $202.92.

Snowflake Stock Up 4.6 %

SNOW stock opened at $173.78 on Thursday. The company has a 50 day moving average of $172.98 and a two-hundred day moving average of $145.14. The company has a market cap of $57.36 billion, a price-to-earnings ratio of -51.26 and a beta of 1.07. Snowflake has a 12-month low of $107.13 and a 12-month high of $233.88. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 100,000 shares of Snowflake stock in a transaction on Monday, December 30th. The shares were 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 in the company, valued at $30,268,555. The trade was a 33.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction 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 owns 552,930 shares of the company’s stock, valued at approximately $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 312,193 shares of company stock valued at $52,833,048 in the last quarter. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its stake in Snowflake by 73.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 792 shares of the company’s stock worth $91,000 after purchasing an additional 335 shares during the period. J.W. Cole Advisors Inc. bought a new stake in shares of Snowflake in the 3rd quarter valued at approximately $231,000. Fortitude Family Office LLC acquired a new position in shares of Snowflake in the 3rd quarter worth approximately $34,000. Ayalon Insurance Comp Ltd. lifted its position in shares of Snowflake by 30.1% during the 3rd quarter. Ayalon Insurance Comp Ltd. now owns 19,552 shares of the company’s stock worth $2,246,000 after buying an additional 4,522 shares during the period. Finally, AM Investment Strategies LLC acquired a new stake in Snowflake in the 3rd quarter valued at $233,000. 65.10% of the stock is currently 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.