Snowflake (NYSE:SNOW) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Snowflake (NYSE:SNOW) had its price objective raised by Royal Bank of Canada from $175.00 to $188.00 in a report released on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other research analysts have also recently issued reports on the company. Wedbush raised Snowflake to a “hold” rating in a research report on Thursday, October 17th. Loop Capital dropped their price target on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, August 21st. Scotiabank reduced their price objective on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 22nd. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 price target on shares of Snowflake in a research note on Thursday, August 22nd. Finally, StockNews.com raised Snowflake from a “sell” rating to a “hold” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Trading Down 2.3 %

Shares of SNOW stock opened at $167.44 on Thursday. The company has a market cap of $56.13 billion, a P/E ratio of -49.39 and a beta of 0.83. The firm has a fifty day moving average price of $120.06 and a 200 day moving average price of $127.80. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 558 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. The trade was a 0.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the transaction, the insider now directly owns 53,250 shares of the company’s stock, valued at $5,932,582.50. The trade was a 0.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,538 shares of company stock valued at $7,061,544. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors have recently added to or reduced their stakes in SNOW. ProShare Advisors LLC increased its position in Snowflake by 26.1% during the first quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock worth $230,000 after purchasing an additional 295 shares during the last quarter. Covestor Ltd increased its stake in Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after acquiring an additional 70 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in Snowflake by 21.0% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 12,634 shares of the company’s stock worth $2,042,000 after purchasing an additional 2,191 shares in the last quarter. UniSuper Management Pty Ltd lifted its position in Snowflake by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 4,000 shares of the company’s stock valued at $646,000 after buying an additional 2,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Snowflake by 372.1% during the first quarter. Canada Pension Plan Investment Board now owns 226,153 shares of the company’s stock worth $36,546,000 after buying an additional 178,253 shares during the period. 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.