Snowflake’s (SNOW) “Buy” Rating Reaffirmed at Truist Financial

Truist Financial restated their buy rating on shares of Snowflake (NYSE:SNOW) in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a $225.00 target price on the stock, up from their prior target price of $210.00.

Several other research analysts have also weighed in on the stock. Barclays upped their price objective on shares of Snowflake from $190.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday. Rosenblatt Securities increased their price objective on Snowflake from $186.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday. Needham & Company LLC lifted their price objective on Snowflake from $200.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday. Piper Sandler raised their price target on Snowflake from $208.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Citigroup lifted their price target on Snowflake from $225.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $202.92.

Snowflake Trading Up 4.6 %

NYSE:SNOW opened at $173.78 on Thursday. The stock’s 50-day moving average is $172.98 and its two-hundred day moving average is $145.14. 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 stock has a market cap of $57.36 billion, a PE ratio of -51.26 and a beta of 1.07. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $233.88.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 2,218 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $175.00, for a total transaction of $388,150.00. Following the completion of the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at approximately $36,528,625. This trade represents a 1.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Christopher William Degnan sold 12,782 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $174.06, for a total transaction of $2,224,834.92. Following the completion of the sale, the executive now directly owns 323,731 shares in the company, valued at approximately $56,348,617.86. The trade was a 3.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 312,193 shares of company stock worth $52,833,048 over the last three months. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNOW. Jennison Associates LLC raised its holdings in shares of Snowflake by 92.2% in the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after buying an additional 3,662,671 shares in the last quarter. State Street Corp grew its holdings in shares of Snowflake by 0.8% in the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after purchasing an additional 54,909 shares during the last quarter. Norges Bank acquired a new stake in shares of Snowflake during the 4th quarter worth about $988,950,000. FMR LLC lifted its holdings in Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after purchasing an additional 2,805,425 shares during the last quarter. Finally, GQG Partners LLC acquired a new position in Snowflake in the fourth quarter valued at about $750,572,000. 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.