Cantor Fitzgerald Increases Snowflake (NYSE:SNOW) Price Target to $275.00

Snowflake (NYSE:SNOW) had its price target increased by analysts at Cantor Fitzgerald from $242.00 to $275.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 15.21% from the stock’s current price.

Several other research analysts have also recently commented on SNOW. JPMorgan Chase & Co. increased their price target on Snowflake from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Thursday, May 22nd. DA Davidson reissued a “buy” rating and set a $250.00 price target on shares of Snowflake in a research report on Monday, August 25th. Wells Fargo & Company increased their price target on Snowflake from $250.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday. Macquarie increased their price target on Snowflake from $190.00 to $210.00 and gave the company a “neutral” rating in a research report on Wednesday, June 4th. Finally, Barclays increased their price target on Snowflake from $219.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and an average price target of $255.53.

Snowflake Price Performance

SNOW stock opened at $238.69 on Thursday. The stock has a 50-day moving average price of $211.41 and a two-hundred day moving average price of $185.91. The stock has a market cap of $79.69 billion, a PE ratio of -57.51 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake has a 1 year low of $107.13 and a 1 year high of $249.99.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director directly owned 165,507 shares of the company’s stock, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 3,226,909 shares of company stock worth $719,343,881 over the last quarter. 6.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Brighton Jones LLC increased its stake in Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after acquiring an additional 29,320 shares during the last quarter. Northern Trust Corp boosted its position in Snowflake by 18.0% in the fourth quarter. Northern Trust Corp now owns 2,141,468 shares of the company’s stock valued at $330,664,000 after buying an additional 326,104 shares in the last quarter. Lido Advisors LLC boosted its position in Snowflake by 0.5% in the fourth quarter. Lido Advisors LLC now owns 21,393 shares of the company’s stock valued at $3,303,000 after buying an additional 103 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its position in Snowflake by 335.2% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,259 shares of the company’s stock valued at $7,606,000 after buying an additional 37,940 shares in the last quarter. Finally, Utah Retirement Systems boosted its position in Snowflake by 0.3% in the fourth quarter. Utah Retirement Systems now owns 33,922 shares of the company’s stock valued at $5,238,000 after buying an additional 100 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

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.