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

Snowflake (NYSE:SNOW) had its price objective increased by equities research analysts at Citigroup from $230.00 to $235.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 52.37% from the company’s current price.

Several other equities analysts have also issued reports on SNOW. Daiwa Capital Markets initiated coverage on Snowflake in a research report on Tuesday. They set a “buy” rating and a $210.00 price target on the stock. UBS Group raised their target price on Snowflake from $190.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, February 27th. Scotiabank lifted their price target on shares of Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a research report on Monday, December 9th. Evercore ISI boosted their target price on Snowflake from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald raised their price target on shares of Snowflake from $201.00 to $228.00 and gave the company an “overweight” rating in a research report on Thursday, February 27th. Ten analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $203.05.

Snowflake Stock Up 3.1 %

Shares of NYSE:SNOW opened at $154.23 on Tuesday. 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 firm has a market capitalization of $50.91 billion, a PE ratio of -45.50 and a beta of 1.07. The firm has a fifty day moving average of $170.55 and a 200 day moving average of $152.08. Snowflake has a 52-week low of $107.13 and a 52-week high of $194.40.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 1,783 shares of Snowflake stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total value of $262,528.92. Following the sale, the director now owns 192,511 shares of the company’s stock, valued at $28,345,319.64. The trade was a 0.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of the company’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at approximately $47,756,878.10. The trade was a 50.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 491,186 shares of company stock worth $82,353,709. 7.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Groupama Asset Managment purchased a new stake in shares of Snowflake in the third quarter valued at $25,000. Stonebridge Financial Group LLC purchased a new stake in shares of Snowflake in the 4th quarter worth $29,000. West Paces Advisors Inc. bought a new position in Snowflake during the 4th quarter worth about $31,000. Spurstone Advisory Services LLC bought a new position in shares of Snowflake during the fourth quarter valued at approximately $31,000. Finally, Capital A Wealth Management LLC bought a new stake in Snowflake during the 4th quarter valued at $31,000. Hedge funds and other institutional investors 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.