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

Snowflake (NYSE:SNOW) had its price objective lifted by equities researchers at Truist Financial from $235.00 to $270.00 in a research report issued on Thursday, MarketBeat reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 13.12% from the company’s previous close.

A number of other brokerages have also recently issued reports on SNOW. DA Davidson reiterated a “buy” rating and issued a $250.00 price objective on shares of Snowflake in a report on Monday, August 25th. Stifel Nicolaus upped their price objective on shares of Snowflake from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, May 22nd. Evercore ISI upped their price objective on shares of Snowflake from $240.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday. Hsbc Global Res cut shares of Snowflake from a “hold” rating to a “strong sell” rating in a report on Thursday, May 22nd. Finally, Needham & Company LLC upped their price objective on shares of Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $255.53.

Snowflake Trading Down 1.0%

NYSE SNOW opened at $238.69 on Thursday. Snowflake has a 1-year low of $107.13 and a 1-year high of $249.99. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $79.69 billion, a PE ratio of -57.51 and a beta of 1.22. The firm’s fifty day simple moving average is $211.41 and its 200-day simple moving average is $185.91.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $216.00, for a total transaction of $2,160,000.00. Following the completion of the sale, the executive vice president directly owned 537,336 shares in the company, valued at $116,064,576. This represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 710,083 shares of the company’s stock in a transaction dated 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 sale, the director owned 165,507 shares of the company’s stock, valued at $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,226,909 shares of company stock valued at $719,343,881 over the last three months. 6.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SNOW. Trust Co. of Toledo NA OH acquired a new position in Snowflake in the second quarter worth about $25,000. Avion Wealth increased its holdings in shares of Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after buying an additional 49 shares in the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of Snowflake during the first quarter worth approximately $26,000. CVA Family Office LLC increased its holdings in shares of Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after buying an additional 88 shares in the last quarter. Finally, Rossby Financial LCC increased its holdings in shares of Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after buying an additional 127 shares in the last quarter. Institutional investors and hedge funds 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.