Loop Capital Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its target price raised by equities research analysts at Loop Capital from $185.00 to $205.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Loop Capital’s price target points to a potential upside of 25.72% from the company’s current price.

A number of other equities analysts have also issued reports on SNOW. Jefferies Financial Group increased their price objective on Snowflake from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Royal Bank of Canada boosted their price target on Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Needham & Company LLC lifted their price objective on shares of Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Scotiabank upped their price objective on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a report on Monday, December 9th. Finally, Citigroup lowered their target price on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research note on Monday, November 18th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average target price of $185.03.

Snowflake Trading Up 1.0 %

Snowflake stock opened at $163.06 on Monday. The firm has a 50-day moving average price of $144.54 and a two-hundred day moving average price of $130.80. Snowflake has a 52-week low of $107.13 and a 52-week high of $237.72. The firm has a market capitalization of $53.83 billion, a price-to-earnings ratio of -48.10 and a beta of 1.02. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the transaction, the executive vice president now directly owns 706,755 shares of the company’s stock, valued at $85,354,801.35. This trade represents a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Christopher William Degnan sold 76,692 shares of Snowflake stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the sale, the executive now owns 346,741 shares in the company, valued at approximately $58,398,119.22. This trade represents a 18.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 292,614 shares of company stock worth $48,389,953. 7.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SNOW. Ontario Teachers Pension Plan Board grew its holdings in shares of Snowflake by 19,399.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after purchasing an additional 2,559,144 shares during the last quarter. Two Sigma Advisers LP grew its stake in Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after buying an additional 881,700 shares during the last quarter. AQR Capital Management LLC grew its stake in Snowflake by 210.0% during the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after buying an additional 660,168 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Snowflake by 471.9% during the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after buying an additional 628,511 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of Snowflake by 90.3% in the second quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock valued at $170,938,000 after acquiring an additional 600,469 shares during the last quarter. 65.10% of the stock is owned by 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.