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

Snowflake (NYSE:SNOW) had its price objective raised by analysts at Evercore ISI from $190.00 to $200.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Evercore ISI’s price target points to a potential upside of 8.97% from the stock’s current price.

A number of other research analysts have also recently weighed in on SNOW. KeyCorp lifted their target price on Snowflake from $185.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Citigroup reduced their price objective on Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research note on Monday, November 18th. Rosenblatt Securities reiterated a “buy” rating and set a $180.00 target price on shares of Snowflake in a report on Tuesday, November 19th. Oppenheimer raised their price target on shares of Snowflake from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Monday, January 13th. Finally, Wells Fargo & Company upgraded shares of Snowflake from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $150.00 to $200.00 in a research note on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have issued a buy rating and two have assigned 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 $187.63.

Snowflake Trading Down 1.4 %

NYSE SNOW opened at $183.54 on Wednesday. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. 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 company has a 50-day moving average of $171.21 and a 200-day moving average of $140.48. The company has a market cap of $60.59 billion, a P/E ratio of -54.14 and a beta of 1.07.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $186.50, for a total value of $2,797,500.00. Following the transaction, the executive vice president now owns 552,930 shares of the company’s stock, valued at approximately $103,121,445. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 100,000 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the sale, the director now directly owns 195,281 shares of the company’s stock, valued at $30,268,555. This represents a 33.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 516,933 shares of company stock worth $88,283,752. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNOW. Groupama Asset Managment purchased a new position in shares of Snowflake during the third quarter valued at $25,000. Stonebridge Financial Group LLC acquired a new stake in Snowflake during the 4th quarter worth about $29,000. V Square Quantitative Management LLC purchased a new position in Snowflake during the 3rd quarter valued at about $30,000. Fortitude Family Office LLC acquired a new position in shares of Snowflake in the 3rd quarter valued at about $34,000. Finally, Blue Bell Private Wealth Management LLC lifted its position in shares of Snowflake by 189.5% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company’s stock worth $34,000 after purchasing an additional 144 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.