Jefferies Financial Group Issues Pessimistic Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price target decreased by Jefferies Financial Group from $220.00 to $190.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s target price suggests a potential upside of 27.04% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of Snowflake from $210.00 to $221.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th. Wells Fargo & Company boosted their target price on shares of Snowflake from $210.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Evercore ISI raised their price target on Snowflake from $190.00 to $200.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Scotiabank lifted their price objective on Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research note on Monday, December 9th. Finally, Bank of America increased their target price on Snowflake from $185.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. Nine equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $204.14.

Snowflake Stock Up 2.3 %

Shares of SNOW stock opened at $149.56 on Monday. The stock’s 50 day simple moving average is $171.02 and its 200 day simple moving average is $152.07. Snowflake has a twelve month low of $107.13 and a twelve month high of $194.40. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market capitalization of $49.37 billion, a price-to-earnings ratio of -44.12 and a beta of 1.07.

Insider Activity at Snowflake

In related news, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the transaction, the chief financial officer now directly owns 292,610 shares in the company, valued at $47,756,878.10. This represents a 50.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Christopher William Degnan sold 12,782 shares of Snowflake stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $157.24, for a total transaction of $2,009,841.68. Following the sale, the executive now directly owns 311,999 shares of the company’s stock, valued at $49,058,722.76. This represents a 3.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 503,968 shares of company stock worth $84,363,550 over the last 90 days. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company increased its stake in shares of Snowflake by 1.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 33,815 shares of the company’s stock valued at $3,884,000 after acquiring an additional 633 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Snowflake by 6.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 85,707 shares of the company’s stock valued at $9,844,000 after purchasing an additional 5,252 shares in the last quarter. Rockefeller Capital Management L.P. increased its stake in Snowflake by 6.6% in the third quarter. Rockefeller Capital Management L.P. now owns 150,327 shares of the company’s stock valued at $17,267,000 after purchasing an additional 9,327 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in Snowflake in the third quarter worth $1,025,000. Finally, Benjamin Edwards Inc. bought a new position in shares of Snowflake during the third quarter worth $216,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.