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

Snowflake (NYSE:SNOW) had its target price upped by research analysts at Rosenblatt Securities from $250.00 to $275.00 in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 5.82% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a research note on Wednesday, November 26th. Macquarie boosted their price target on Snowflake from $210.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, August 28th. KeyCorp lifted their price objective on Snowflake from $250.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Barclays boosted their target price on shares of Snowflake from $219.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Finally, Wells Fargo & Company initiated coverage on shares of Snowflake in a research report on Tuesday, September 30th. They set an “overweight” rating and a $275.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus price target of $270.31.

Snowflake Stock Performance

NYSE SNOW opened at $259.87 on Monday. The stock has a market cap of $88.05 billion, a P/E ratio of -62.62 and a beta of 1.09. The company’s 50-day simple moving average is $250.14 and its 200 day simple moving average is $225.58. Snowflake has a twelve month low of $120.10 and a twelve month high of $280.67. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $277.73, for a total value of $2,777,300.00. Following the completion of the transaction, the executive vice president owned 522,450 shares in the company, valued at $145,100,038.50. The trade was a 1.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the company’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the transaction, the senior vice president directly owned 241,854 shares in the company, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 211,305 shares of company stock valued at $50,590,799 over the last quarter. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several hedge funds have recently added to or reduced their stakes in SNOW. IFP Advisors Inc raised its holdings in Snowflake by 1.9% during the 3rd quarter. IFP Advisors Inc now owns 11,773 shares of the company’s stock worth $2,655,000 after purchasing an additional 219 shares during the last quarter. Swiss Life Asset Management Ltd boosted its stake in shares of Snowflake by 9.1% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 34,116 shares of the company’s stock valued at $7,695,000 after purchasing an additional 2,856 shares during the last quarter. Investment Research Partners LLC acquired a new stake in shares of Snowflake during the 3rd quarter worth approximately $228,000. Strategic Advocates LLC bought a new stake in shares of Snowflake during the third quarter worth approximately $45,000. Finally, Manhattan West Asset Management LLC lifted its holdings in Snowflake by 0.7% in the third quarter. Manhattan West Asset Management LLC now owns 13,332 shares of the company’s stock valued at $3,007,000 after buying an additional 94 shares during the period. Institutional investors own 65.10% of the company’s stock.

About Snowflake

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.