Snowflake (NYSE:SNOW) Given New $405.00 Price Target at Cantor Fitzgerald

Snowflake (NYSE:SNOW) had its target price increased by investment analysts at Cantor Fitzgerald from $282.00 to $405.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 23.82% from the stock’s previous close.

A number of other equities analysts have also commented on the company. JPMorgan Chase & Co. lifted their price objective on Snowflake from $245.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a report on Monday, August 24th. Jefferies Financial Group boosted their target price on shares of Snowflake from $310.00 to $385.00 and gave the company a “buy” rating in a research note on Sunday, August 16th. Citigroup upped their target price on shares of Snowflake from $320.00 to $395.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Scotiabank increased their target price on shares of Snowflake from $285.00 to $320.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 8th. Thirty-four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $331.46.

Snowflake Stock Performance

Shares of SNOW opened at $327.08 on Monday. The company has a market capitalization of $113.37 billion, a PE ratio of -92.92 and a beta of 1.33. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. Snowflake has a one year low of $118.30 and a one year high of $341.95. The company’s fifty day moving average price is $287.74 and its 200 day moving average price is $215.28.

Insiders Place Their Bets

In other news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $245.21, for a total transaction of $12,343,380.98. Following the sale, the director owned 27,716 shares in the company, valued at approximately $6,796,240.36. This represents a 64.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 25,000 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $325.00, for a total value of $8,125,000.00. Following the sale, the executive vice president owned 340,379 shares in the company, valued at $110,623,175. The trade was a 6.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 1,156,901 shares of company stock valued at $321,725,352. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently modified their holdings of SNOW. California State Teachers Retirement System lifted its stake in shares of Snowflake by 25,944.6% during the second quarter. California State Teachers Retirement System now owns 127,340,602 shares of the company’s stock valued at $32,408,183,000 after acquiring an additional 126,851,670 shares during the period. Norges Bank acquired a new position in Snowflake during the 4th quarter valued at about $974,091,000. Jericho Capital Asset Management L.P. acquired a new position in Snowflake during the 4th quarter valued at about $345,619,000. William Blair Investment Management LLC boosted its stake in shares of Snowflake by 159.9% in the 4th quarter. William Blair Investment Management LLC now owns 1,346,998 shares of the company’s stock valued at $295,477,000 after purchasing an additional 828,789 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in shares of Snowflake by 44.7% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,600,571 shares of the company’s stock valued at $392,259,000 after purchasing an additional 803,110 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.