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

Snowflake (NYSE:SNOW) had its target price raised by Royal Bank of Canada from $210.00 to $221.00 in a report released on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms also recently 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 report on Thursday, November 21st. Loop Capital lifted their price target on shares of Snowflake from $185.00 to $205.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Truist Financial reaffirmed a “buy” rating and set a $225.00 price objective (up previously from $210.00) on shares of Snowflake in a research report on Thursday. Jefferies Financial Group raised their target price on shares of Snowflake from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Stifel Nicolaus upped their target price on Snowflake from $187.00 to $210.00 and gave the company a “buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $202.92.

Snowflake Price Performance

Shares of SNOW opened at $173.78 on Thursday. Snowflake has a 52 week low of $107.13 and a 52 week high of $233.88. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market cap of $57.36 billion, a price-to-earnings ratio of -51.26 and a beta of 1.07. The stock has a 50 day moving average of $172.98 and a 200-day moving average of $145.14.

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 100,000 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $155.00, for a total value of $15,500,000.00. Following the completion of the transaction, the director now owns 195,281 shares in the company, valued at $30,268,555. This trade represents a 33.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total value of $2,797,500.00. Following the completion of the transaction, the executive vice president now directly owns 552,930 shares in the company, valued at $103,121,445. This represents a 2.64 % 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 ninety days. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Snowflake during the fourth quarter valued at approximately $988,950,000. GQG Partners LLC purchased a new position in Snowflake during the 4th quarter worth approximately $750,572,000. Jennison Associates LLC raised its stake in Snowflake by 92.2% during the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after purchasing an additional 3,662,671 shares during the period. FMR LLC lifted its holdings in shares of Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after purchasing an additional 2,805,425 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board lifted its holdings in shares of Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after purchasing an additional 2,559,144 shares in the last quarter. 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.