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

Snowflake (NYSE:SNOW) had its price objective boosted by TD Cowen from $180.00 to $190.00 in a research note published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

SNOW has been the subject of a number of other research reports. Monness Crespi & Hardt upped their target price on Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday. Robert W. Baird lowered their price objective on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. Argus initiated coverage on shares of Snowflake in a research report on Tuesday, October 1st. They set a “hold” rating on the stock. Jefferies Financial Group boosted their target price on shares of Snowflake from $145.00 to $180.00 and gave the stock a “buy” rating in a report on Thursday. Finally, DA Davidson reaffirmed a “buy” rating and set a $175.00 price target on shares of Snowflake in a research note on Thursday, October 3rd. One research 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. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $180.23.

Snowflake Price Performance

Shares of Snowflake stock opened at $167.44 on Thursday. The company’s 50 day moving average price is $120.06 and its two-hundred day moving average price is $127.80. The firm has a market capitalization of $56.13 billion, a P/E ratio of -49.39 and a beta of 0.83. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Insider Activity

In other news, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares in the company, valued at $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Benoit Dageville sold 287 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the transaction, the insider now owns 53,250 shares in the company, valued at approximately $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,538 shares of company stock worth $7,061,544. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SNOW. State Street Corp lifted its holdings in shares of Snowflake by 0.8% in the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after purchasing an additional 54,909 shares in the last quarter. Geode Capital Management LLC raised its position in Snowflake by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after buying an additional 138,663 shares during the last quarter. Two Sigma Advisers LP lifted its stake in Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after acquiring an additional 881,700 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its holdings in Snowflake by 19,399.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after acquiring an additional 2,559,144 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after acquiring an additional 223,936 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.