Canaccord Genuity Group Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its target price hoisted by analysts at Canaccord Genuity Group from $190.00 to $220.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 32.37% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Piper Sandler increased their price objective on shares of Snowflake from $185.00 to $208.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company increased their price objective on shares of Snowflake from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Scotiabank raised 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. Cantor Fitzgerald assumed coverage on shares of Snowflake in a research note on Friday, January 17th. They issued an “overweight” rating and a $201.00 price target on the stock. Finally, Wolfe Research upgraded shares of Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price target on the stock in a research note on Tuesday, February 18th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $196.19.

Snowflake Trading Up 1.2 %

Shares of Snowflake stock opened at $166.20 on Tuesday. The company has a market capitalization of $54.86 billion, a price-to-earnings ratio of -49.03 and a beta of 1.07. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 12-month low of $107.13 and a 12-month high of $235.66. The firm’s 50-day moving average price is $172.79 and its two-hundred day moving average price is $144.94.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 59,617 shares of Snowflake stock in a transaction on Friday, November 29th. The shares were sold at an average price of $176.25, for a total value of $10,507,496.25. Following the completion of the sale, the director now owns 208,735 shares in the company, valued at $36,789,543.75. The trade was a 22.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the completion of the sale, the executive vice president now owns 552,930 shares of the company’s stock, valued at $103,121,445. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 371,810 shares of company stock worth $63,340,544. 7.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Several hedge funds have recently modified their holdings of SNOW. Asset Dedication LLC grew its position in Snowflake by 6.8% in the 4th quarter. Asset Dedication LLC now owns 922 shares of the company’s stock valued at $142,000 after purchasing an additional 59 shares during the period. Quarry LP grew its position in Snowflake by 9.8% in the 4th quarter. Quarry LP now owns 662 shares of the company’s stock valued at $102,000 after purchasing an additional 59 shares during the period. Breakwater Capital Group grew its position in Snowflake by 2.2% in the 4th quarter. Breakwater Capital Group now owns 2,938 shares of the company’s stock valued at $454,000 after purchasing an additional 62 shares during the period. Gabelli Funds LLC grew its position in Snowflake by 3.3% in the 4th quarter. Gabelli Funds LLC now owns 2,050 shares of the company’s stock valued at $317,000 after purchasing an additional 65 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its position in Snowflake by 0.6% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,191 shares of the company’s stock valued at $2,077,000 after purchasing an additional 69 shares during the period. Institutional investors 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.