Jefferies Financial Group Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its target price increased by stock analysts at Jefferies Financial Group from $200.00 to $220.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s target price points to a potential upside of 18.69% from the company’s current price.

A number of other equities research analysts have also commented on SNOW. Evercore ISI increased their price target on Snowflake from $190.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. KeyCorp increased their target price on Snowflake from $185.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. BTIG Research upgraded Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 target price for the company in a research note on Thursday. JMP Securities reiterated a “market outperform” rating and set a $190.00 price target on shares of Snowflake in a research report on Tuesday, December 3rd. Finally, Royal Bank of Canada raised their price objective on shares of Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $192.62.

Snowflake Price Performance

Shares of Snowflake stock opened at $185.35 on Friday. The stock has a market capitalization of $61.18 billion, a price-to-earnings ratio of -54.68 and a beta of 1.07. The firm’s 50-day moving average price is $172.68 and its two-hundred day moving average price is $143.31. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 1-year low of $107.13 and a 1-year high of $235.66.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $180.00, for a total transaction of $2,700,000.00. Following the sale, the executive vice president now directly owns 691,755 shares in the company, valued at $124,515,900. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO Christopher William Degnan sold 12,782 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $174.06, for a total transaction 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 sold 394,345 shares of company stock worth $67,286,835 over the last ninety days. 7.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently bought and sold shares of SNOW. Asset Dedication LLC boosted its position in Snowflake by 6.8% during the 4th quarter. Asset Dedication LLC now owns 922 shares of the company’s stock worth $142,000 after acquiring an additional 59 shares during the last quarter. Quarry LP lifted its position in shares of Snowflake by 9.8% in the fourth quarter. Quarry LP now owns 662 shares of the company’s stock worth $102,000 after purchasing an additional 59 shares in the last quarter. Breakwater Capital Group boosted its holdings in Snowflake by 2.2% during the fourth quarter. Breakwater Capital Group now owns 2,938 shares of the company’s stock worth $454,000 after purchasing an additional 62 shares during the last quarter. Gabelli Funds LLC grew its position in Snowflake by 3.3% in the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company’s stock valued at $317,000 after purchasing an additional 65 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich increased its stake in Snowflake by 0.6% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,191 shares of the company’s stock valued at $2,077,000 after buying an additional 69 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.