Truist Financial Reaffirms Buy Rating for Snowflake (NYSE:SNOW)

Truist Financial reaffirmed their buy rating on shares of Snowflake (NYSE:SNOW) in a research note released on Thursday morning,Benzinga reports. The firm currently has a $210.00 target price on the stock.

Several other research analysts have also weighed in on the stock. UBS Group lowered their target price on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, September 24th. DA Davidson reaffirmed a “buy” rating and issued a $175.00 price target on shares of Snowflake in a research report on Thursday, October 3rd. Stifel Nicolaus decreased their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Oppenheimer reiterated an “outperform” rating and issued a $180.00 price target on shares of Snowflake in a research note on Thursday. Finally, Canaccord Genuity Group cut their target price on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $180.23.

Snowflake Trading Down 2.3 %

SNOW opened at $167.44 on Thursday. The firm’s 50-day moving average price is $120.06 and its 200 day moving average price is $127.80. The firm has a market capitalization of $56.13 billion, a PE ratio of -49.39 and a beta of 0.83. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 30,000 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the completion of the sale, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. This represents a 3.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock worth $7,061,544 over the last ninety days. 7.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently modified their holdings of the stock. LRI Investments LLC boosted its position in Snowflake by 155.6% in the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after buying an additional 112 shares during the last quarter. Groupama Asset Managment purchased a new position in Snowflake in the third quarter valued at about $25,000. Wellington Shields Capital Management LLC acquired a new stake in Snowflake during the 2nd quarter valued at approximately $27,000. V Square Quantitative Management LLC purchased a new stake in Snowflake during the 3rd quarter worth approximately $30,000. Finally, Fortitude Family Office LLC acquired a new position in shares of Snowflake in the 3rd quarter valued at approximately $34,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.