Piper Sandler Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its price objective lifted by investment analysts at Piper Sandler from $208.00 to $215.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 21.63% from the stock’s previous close.

Several other research firms also recently commented on SNOW. UBS Group boosted their target price on shares of Snowflake from $155.00 to $190.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Scotiabank increased their price objective on Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a research report on Monday, December 9th. TD Cowen raised their price target on shares of Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Evercore ISI lifted their price objective on Snowflake from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Citigroup upped their target price on shares of Snowflake from $225.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $202.92.

Snowflake Stock Performance

SNOW opened at $176.76 on Thursday. The business has a fifty day simple moving average of $173.19 and a 200-day simple moving average of $145.51. The firm has a market cap of $58.35 billion, a PE ratio of -52.14 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 fifty-two week low of $107.13 and a fifty-two week high of $194.40.

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 127,247 shares of Snowflake stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $176.25, for a total transaction of $22,427,283.75. Following the transaction, the director now owns 195,281 shares of the company’s stock, valued at $34,418,276.25. This trade represents a 39.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $180.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the executive vice president now owns 691,755 shares of the company’s stock, valued at approximately $124,515,900. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 312,193 shares of company stock valued at $52,833,048 over the last quarter. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently modified their holdings of SNOW. Stonebridge Financial Group LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at approximately $29,000. West Paces Advisors Inc. acquired a new stake in shares of Snowflake in the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC bought a new position in Snowflake during the fourth quarter worth $31,000. Capital A Wealth Management LLC bought a new stake in shares of Snowflake during the 4th quarter worth about $31,000. Finally, Carolinas Wealth Consulting LLC acquired a new position in shares of Snowflake in the fourth quarter valued at approximately $32,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.