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

Snowflake (NYSE:SNOW) had its target price lifted by equities research analysts at Citigroup from $225.00 to $230.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 38.39% from the company’s previous close.

A number of other research firms have also issued reports on SNOW. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Tuesday, February 18th. 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. Truist Financial reaffirmed a “buy” rating and set a $210.00 price objective on shares of Snowflake in a research report on Thursday, November 21st. Jefferies Financial Group raised their price objective on shares of Snowflake from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Finally, Loop Capital raised their price objective on shares of Snowflake from $185.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $196.19.

Snowflake Price Performance

NYSE SNOW opened at $166.20 on Tuesday. The company has a 50 day simple moving average of $172.79 and a 200-day simple moving average of $144.94. 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 firm has a market capitalization of $54.86 billion, a price-to-earnings ratio of -49.03 and a beta of 1.07. Snowflake has a 52-week low of $107.13 and a 52-week high of $235.66.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated 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 sale, the executive vice president now directly owns 691,755 shares in the company, valued at approximately $124,515,900. The trade was a 2.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 2,218 shares of Snowflake stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $175.00, for a total transaction of $388,150.00. Following the sale, the director now owns 208,735 shares in the company, valued at approximately $36,528,625. This trade represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 371,810 shares of company stock worth $63,340,544 over the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Institutional investors have recently made changes to their positions in the business. Stonebridge Financial Group LLC acquired a new stake in shares of Snowflake during the 4th quarter valued at about $29,000. West Paces Advisors Inc. acquired a new stake in shares of Snowflake during the 4th quarter valued at about $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Snowflake during the 4th quarter valued at about $31,000. Capital A Wealth Management LLC acquired a new stake in shares of Snowflake during the 4th quarter valued at about $31,000. Finally, Colonial Trust Co SC acquired a new stake in shares of Snowflake during the 4th quarter valued at about $33,000. 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.