Loop Capital Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Snowflake (NYSE:SNOW) had its target price increased by investment analysts at Loop Capital from $205.00 to $215.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Loop Capital’s price objective would indicate a potential upside of 21.63% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Rosenblatt Securities boosted their target price on shares of Snowflake from $186.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday. TD Cowen upped their price objective 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. Canaccord Genuity Group upped their price objective on shares of Snowflake from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Tuesday. UBS Group upped their price objective on shares of Snowflake from $190.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft upped their price objective 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. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $202.92.

Snowflake Trading Up 1.8 %

NYSE SNOW opened at $176.76 on Thursday. The company has a market capitalization of $58.35 billion, a PE ratio of -52.14 and a beta of 1.07. The company has a fifty day moving average of $173.19 and a 200 day moving average of $145.51. Snowflake has a 1 year low of $107.13 and a 1 year high of $194.40. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $179.00, for a total value of $99,882.00. Following the transaction, the executive vice president now directly owns 690,647 shares in the company, valued at $123,625,813. The trade was a 0.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Christopher William Degnan sold 12,782 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $174.06, for a total transaction of $2,224,834.92. Following the completion of the transaction, the executive now owns 323,731 shares in the company, valued at $56,348,617.86. The trade was a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 312,193 shares of company stock valued at $52,833,048. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Snowflake in the 4th quarter valued at about $24,081,000. Employees Retirement System of Texas boosted its holdings in Snowflake by 300.3% in the 4th quarter. Employees Retirement System of Texas now owns 43,235 shares of the company’s stock valued at $6,676,000 after purchasing an additional 32,435 shares during the last quarter. Jefferies Financial Group Inc. boosted its holdings in Snowflake by 139.8% in the 4th quarter. Jefferies Financial Group Inc. now owns 6,135 shares of the company’s stock valued at $947,000 after purchasing an additional 3,577 shares during the last quarter. Carolinas Wealth Consulting LLC acquired a new position in shares of Snowflake in the 4th quarter worth approximately $32,000. Finally, Capital A Wealth Management LLC acquired a new position in shares of Snowflake in the 4th quarter worth approximately $31,000. 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.