Snowflake’s (SNOW) Buy Rating Reaffirmed at Truist Financial

Snowflake (NYSE:SNOW)‘s stock had its “buy” rating reiterated by research analysts at Truist Financial in a report released on Thursday,Benzinga reports. They currently have a $225.00 price objective on the stock, up from their prior price objective of $210.00. Truist Financial’s price target indicates a potential upside of 25.86% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Citigroup boosted their price objective on Snowflake from $225.00 to $230.00 and gave the stock a “buy” rating in a report on Tuesday. Wolfe Research upgraded Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price target for the company in a research note on Tuesday, February 18th. UBS Group increased their price objective on Snowflake from $155.00 to $190.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Canaccord Genuity Group lifted their target price on Snowflake from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Scotiabank upped their price target on shares of Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $199.22.

Snowflake Stock Performance

Shares of SNOW stock opened at $178.78 on Thursday. Snowflake has a 52 week low of $107.13 and a 52 week high of $233.88. The company has a market capitalization of $59.01 billion, a price-to-earnings ratio of -52.80 and a beta of 1.07. The company has a 50-day simple moving average of $172.79 and a 200 day simple moving average of $144.94. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 2,218 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $175.00, for a total transaction of $388,150.00. Following the completion of the transaction, the director now directly owns 208,735 shares in the company, valued at $36,528,625. This trade represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total value of $2,797,500.00. Following the completion of the sale, the executive vice president now owns 552,930 shares in the company, valued at $103,121,445. The trade was a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 371,810 shares of company stock valued at $63,340,544 in the last ninety days. 7.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in Snowflake by 73.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 792 shares of the company’s stock valued at $91,000 after buying an additional 335 shares during the period. J.W. Cole Advisors Inc. bought a new position in shares of Snowflake in the 3rd quarter worth about $231,000. Fortitude Family Office LLC bought a new position in shares of Snowflake in the 3rd quarter worth about $34,000. Ayalon Insurance Comp Ltd. lifted its stake in shares of Snowflake by 30.1% in the 3rd quarter. Ayalon Insurance Comp Ltd. now owns 19,552 shares of the company’s stock valued at $2,246,000 after purchasing an additional 4,522 shares during the period. Finally, AM Investment Strategies LLC bought a new stake in shares of Snowflake during the 3rd quarter valued at about $233,000. 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.