Bank of America Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price objective increased by equities research analysts at Bank of America from $185.00 to $205.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price target suggests a potential upside of 9.95% from the stock’s current price.

Several other research analysts have also commented on SNOW. TD Cowen lifted their price objective on shares of Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Mizuho lifted their price target on shares of Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Scotiabank increased their price objective on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research report on Monday, December 9th. UBS Group boosted their target price on Snowflake from $155.00 to $190.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, BTIG Research upgraded Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 price target on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $192.08.

Snowflake Price Performance

NYSE:SNOW opened at $186.44 on Thursday. The firm has a market capitalization of $61.54 billion, a price-to-earnings ratio of -55.00 and a beta of 1.07. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The business has a 50 day simple moving average of $172.37 and a 200-day simple moving average of $143.01. Snowflake has a 1 year low of $107.13 and a 1 year high of $235.66.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $180.00, for a total transaction of $2,700,000.00. Following the transaction, the executive vice president now directly owns 691,755 shares of the company’s stock, valued at $124,515,900. This represents a 2.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 45,896 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $176.06, for a total value of $8,080,449.76. Following the completion of the sale, the director now owns 208,735 shares of the company’s stock, valued at approximately $36,749,884.10. This trade represents a 18.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 440,241 shares of company stock worth $75,367,285 in the last 90 days. 7.80% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

Several large investors have recently bought and sold shares of the stock. Blue Trust Inc. lifted its stake in shares of Snowflake by 168.5% during the third quarter. Blue Trust Inc. now owns 1,407 shares of the company’s stock worth $162,000 after buying an additional 883 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Snowflake by 73.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 792 shares of the company’s stock worth $91,000 after acquiring an additional 335 shares during the period. Whittier Trust Co. of Nevada Inc. grew its stake in Snowflake by 449.6% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 720 shares of the company’s stock valued at $83,000 after purchasing an additional 589 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Snowflake by 13.0% in the third quarter. Signaturefd LLC now owns 2,161 shares of the company’s stock valued at $248,000 after purchasing an additional 248 shares during the period. Finally, Waldron Private Wealth LLC purchased a new position in shares of Snowflake in the third quarter worth about $40,000. Hedge funds and other 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.