Canaccord Genuity Group Boosts Snowflake (NYSE:SNOW) Price Target to $220.00

Snowflake (NYSE:SNOW) had its price target lifted by research analysts at Canaccord Genuity Group from $190.00 to $220.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 32.37% from the stock’s previous close.

A number of other research firms also recently issued reports on SNOW. Scotiabank lifted their price objective on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a report on Monday, December 9th. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a report on Tuesday, February 18th. TD Cowen lifted their price objective on shares of Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Mizuho lifted their price objective on shares of Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Loop Capital lifted their price objective on shares of Snowflake from $185.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $196.19.

Snowflake Price Performance

SNOW opened at $166.20 on Tuesday. 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 market capitalization of $54.86 billion, a price-to-earnings ratio of -49.03 and a beta of 1.07. The firm’s fifty day moving average price is $172.79 and its two-hundred day moving average price is $144.94. Snowflake has a 1 year low of $107.13 and a 1 year high of $235.66.

Insider Activity

In related news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $180.00, for a total value of $2,700,000.00. Following the transaction, the executive vice president now directly owns 691,755 shares in the company, valued at approximately $124,515,900. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Emily Ho sold 1,508 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $163.17, for a total transaction of $246,060.36. Following the completion of the transaction, the chief accounting officer now owns 44,760 shares in the company, valued at approximately $7,303,489.20. This trade represents a 3.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 371,810 shares of company stock worth $63,340,544 over the last ninety days. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SNOW. Groupama Asset Managment bought a new position in shares of Snowflake in the third quarter worth approximately $25,000. Stonebridge Financial Group LLC bought a new position in shares of Snowflake in the fourth quarter worth approximately $29,000. West Paces Advisors Inc. bought a new position in shares of Snowflake in the fourth quarter worth approximately $31,000. Spurstone Advisory Services LLC bought a new position in shares of Snowflake in the fourth quarter worth approximately $31,000. Finally, Capital A Wealth Management LLC purchased a new stake in Snowflake in the fourth quarter worth approximately $31,000. 65.10% of the stock is currently 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.