Wells Fargo & Company Issues Positive Forecast for Snowflake (NYSE:SNOW) Stock Price

Snowflake (NYSE:SNOW) had its price target raised by Wells Fargo & Company from $210.00 to $215.00 in a research note published on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other analysts also recently issued research reports about the stock. Stifel Nicolaus increased their price objective on shares of Snowflake from $187.00 to $210.00 and gave the company a “buy” rating in a report on Thursday. Barclays increased their price target on Snowflake from $190.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday. Needham & Company LLC lifted their price objective on Snowflake from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday. Wedbush set a $210.00 target price on Snowflake in a report on Wednesday, January 22nd. Finally, Guggenheim reiterated a “neutral” rating on shares of Snowflake in a report on Thursday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $202.92.

Snowflake Price Performance

Snowflake stock opened at $173.78 on Thursday. The company has a fifty day simple moving average of $172.98 and a 200-day simple moving average of $145.14. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $57.36 billion, a price-to-earnings ratio of -51.26 and a beta of 1.07. Snowflake has a 52-week low of $107.13 and a 52-week high of $233.88.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 127,247 shares of Snowflake stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total transaction of $22,427,283.75. Following the completion of the sale, the director now directly owns 195,281 shares of the company’s stock, valued at $34,418,276.25. The trade was a 39.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total value of $2,797,500.00. Following the completion of the transaction, the executive vice president now owns 552,930 shares in the company, valued at approximately $103,121,445. The trade was a 2.64 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 312,193 shares of company stock worth $52,833,048. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Snowflake during the fourth quarter worth approximately $988,950,000. GQG Partners LLC purchased a new position in shares of Snowflake in the 4th quarter valued at $750,572,000. Jennison Associates LLC raised its stake in Snowflake by 92.2% during the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after acquiring an additional 3,662,671 shares in the last quarter. FMR LLC lifted its position in Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after acquiring an additional 2,805,425 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board lifted its position in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after acquiring an additional 2,559,144 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

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.