Citigroup Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its target price upped by Citigroup from $230.00 to $235.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 58.26% from the company’s current price.

Several other equities research analysts have also weighed in on the company. Rosenblatt Securities raised their target price on Snowflake from $186.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Loop Capital upped their target price on shares of Snowflake from $205.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Wolfe Research raised Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price objective on the stock in a report on Tuesday, February 18th. StockNews.com upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Finally, Jefferies Financial Group decreased their price target on shares of Snowflake from $220.00 to $190.00 and set a “buy” rating for the company in a research note on Monday. Nine analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $204.14.

Snowflake Stock Up 1.6 %

SNOW traded up $2.33 on Tuesday, hitting $148.49. 1,332,232 shares of the company were exchanged, compared to its average volume of 6,361,419. The firm has a 50-day moving average price of $171.49 and a two-hundred day moving average price of $151.82. The company has a market cap of $49.02 billion, a price-to-earnings ratio of -43.80 and a beta of 1.07. Snowflake has a twelve month low of $107.13 and a twelve month high of $194.40. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Insider Activity

In related news, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares of the company’s stock, valued at approximately $47,756,878.10. This represents a 50.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Frank Slootman sold 127,247 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total transaction of $22,427,283.75. Following the sale, the director now directly owns 195,281 shares of the company’s stock, valued at $34,418,276.25. The trade was a 39.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 503,968 shares of company stock worth $84,363,550. 7.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Jennison Associates LLC lifted its stake in shares of Snowflake by 92.2% in the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after acquiring an additional 3,662,671 shares during the period. State Street Corp increased its position in shares of Snowflake by 0.8% during the 3rd 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 during the period. Norges Bank acquired a new position in Snowflake during the fourth quarter worth about $988,950,000. FMR LLC raised its position in Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after acquiring an additional 2,805,425 shares in the last quarter. Finally, GQG Partners LLC bought a new position in shares of Snowflake during the 4th quarter valued at about $750,572,000. 65.10% of the stock is currently 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.