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

Snowflake (NYSE:SNOW) had its price objective increased by equities researchers at Wedbush from $230.00 to $250.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Wedbush’s target price suggests a potential upside of 11.75% from the stock’s current price.

A number of other equities research analysts have also issued reports on SNOW. Loop Capital increased their target price on shares of Snowflake from $220.00 to $245.00 and gave the stock a “buy” rating in a report on Wednesday, June 4th. Stephens started coverage on shares of Snowflake in a report on Friday, July 18th. They set an “overweight” rating and a $261.00 target price on the stock. Raymond James Financial reiterated an “outperform” rating and set a $212.00 target price (up from $196.00) on shares of Snowflake in a report on Thursday, May 22nd. Robert W. Baird increased their target price on shares of Snowflake from $200.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday, May 22nd. Finally, Morgan Stanley initiated coverage on shares of Snowflake in a report on Tuesday, June 24th. They issued an “overweight” rating and a $262.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $241.08.

Snowflake Stock Performance

NYSE:SNOW opened at $223.71 on Thursday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a market capitalization of $74.69 billion, a P/E ratio of -52.19 and a beta of 1.22. The company has a 50 day moving average price of $210.30 and a 200 day moving average price of $185.15. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $229.27.

Insider Activity

In other news, Director Teresa Briggs sold 1,146 shares of Snowflake stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total value of $249,530.04. Following the sale, the director owned 4,474 shares of the company’s stock, valued at $974,168.76. The trade was a 20.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 256,046 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $227.15, for a total transaction of $58,160,848.90. Following the completion of the sale, the director owned 165,507 shares of the company’s stock, valued at $37,594,915.05. This trade represents a 60.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,516,826 shares of company stock worth $555,691,052 in the last ninety days. 6.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Several hedge funds and other institutional investors have recently made changes to their positions in SNOW. Brighton Jones LLC lifted its stake in shares of Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after purchasing an additional 29,320 shares during the period. Northern Trust Corp lifted its stake in shares of Snowflake by 18.0% in the fourth quarter. Northern Trust Corp now owns 2,141,468 shares of the company’s stock valued at $330,664,000 after purchasing an additional 326,104 shares during the period. Lido Advisors LLC lifted its stake in shares of Snowflake by 0.5% in the fourth quarter. Lido Advisors LLC now owns 21,393 shares of the company’s stock valued at $3,303,000 after purchasing an additional 103 shares during the period. Schonfeld Strategic Advisors LLC lifted its stake in shares of Snowflake by 335.2% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,259 shares of the company’s stock valued at $7,606,000 after purchasing an additional 37,940 shares during the period. Finally, Utah Retirement Systems lifted its stake in shares of Snowflake by 0.3% in the fourth quarter. Utah Retirement Systems now owns 33,922 shares of the company’s stock valued at $5,238,000 after purchasing an additional 100 shares during the period. 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.