Snowflake (NYSE:SNOW - Free Report) had its target price upped by Citigroup from $230.00 to $235.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.
Several other research firms have also recently commented on SNOW. Jefferies Financial Group lowered their target price on shares of Snowflake from $220.00 to $190.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Wells Fargo & Company increased their target price on Snowflake from $210.00 to $215.00 and gave the stock an "overweight" rating in a research report on Thursday, February 27th. Piper Sandler lifted their price target on Snowflake from $208.00 to $215.00 and gave the company an "overweight" rating in a report on Thursday, February 27th. Rosenblatt Securities raised their target price on shares of Snowflake from $186.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Finally, BTIG Research raised shares of Snowflake from a "neutral" rating to a "buy" rating and set a $220.00 price target for the company in a research report on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Snowflake has a consensus rating of "Moderate Buy" and an average target price of $203.05.
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Snowflake Price Performance
Shares of SNOW traded down $9.49 during trading hours on Tuesday, reaching $130.41. 8,210,700 shares of the company traded hands, compared to its average volume of 6,400,660. The stock has a market capitalization of $43.05 billion, a PE ratio of -38.47 and a beta of 1.13. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a fifty day simple moving average of $168.97 and a 200 day simple moving average of $152.40. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $194.40.
Insiders Place Their Bets
In related news, CFO Michael Scarpelli sold 300,000 shares of Snowflake stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at $47,756,878.10. The trade was a 50.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Slootman sold 127,247 shares of the firm's stock in a transaction dated 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 directly owns 195,281 shares in the company, valued at approximately $34,418,276.25. The trade was a 39.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 491,186 shares of company stock valued at $82,353,709 over the last three months. Company insiders own 7.80% of the company's stock.
Institutional Investors Weigh In On Snowflake
A number of institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its position in Snowflake by 1.9% in the third quarter. The Manufacturers Life Insurance Company now owns 33,815 shares of the company's stock worth $3,884,000 after acquiring an additional 633 shares in the last quarter. Erste Asset Management GmbH bought a new stake in Snowflake during the third quarter worth approximately $1,025,000. Benjamin Edwards Inc. bought a new position in shares of Snowflake in the third quarter valued at $216,000. Concentric Capital Strategies LP boosted its stake in shares of Snowflake by 21.0% during the 3rd quarter. Concentric Capital Strategies LP now owns 27,405 shares of the company's stock worth $3,148,000 after acquiring an additional 4,762 shares in the last quarter. Finally, Hilltop Holdings Inc. acquired a new stake in shares of Snowflake during the third quarter worth $207,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.
About Snowflake
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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.
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