Royal Bank Of Canada Boosts Snowflake (NYSE:SNOW) Price Target to $275.00

Key Points

• Royal Bank of Canada has raised its price target for Snowflake (NYSE:SNOW) from $250.00 to $275.00, indicating a potential upside of 18% from its current price.
• Other analysts have also upgraded their targets, with Stifel Nicolaus setting a target of $220.00 and BTIG Research at $276.00, showing positive sentiment towards Snowflake's stock.
• Despite the bullish outlook from analysts, multiple company insiders have sold significant shares, with one director selling over 256,000 shares, indicating mixed signals regarding the stock's future.

Snowflake (NYSE:SNOW - Get Free Report) had its price target upped by equities researchers at Royal Bank Of Canada from $250.00 to $275.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would suggest a potential upside of 18.00% from the stock's current price.

Other equities analysts have also issued reports about the company. Stifel Nicolaus upped their target price on Snowflake from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Wedbush upped their target price on Snowflake from $230.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday. BTIG Research upped their target price on Snowflake from $235.00 to $276.00 and gave the company a "buy" rating in a research note on Thursday. Barclays reiterated an "overweight" rating on shares of Snowflake in a research note on Thursday. Finally, Macquarie boosted their price target on Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $245.30.

Snowflake Stock Performance

NYSE SNOW opened at $233.05 on Thursday. Snowflake has a fifty-two week low of $107.13 and a fifty-two week high of $229.27. The stock has a market cap of $77.81 billion, a price-to-earnings ratio of -55.13 and a beta of 1.22. The business has a fifty day moving average of $210.30 and a 200-day moving average of $185.15. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94.

Insiders Place Their Bets

In other Snowflake news, Director Teresa Briggs sold 1,146 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total transaction of $249,530.04. Following the transaction, the director directly owned 4,474 shares in the company, valued at $974,168.76. This trade represents a 20.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 256,046 shares of Snowflake stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $227.15, for a total value of $58,160,848.90. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at $37,594,915.05. The trade was a 60.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,516,826 shares of company stock worth $555,691,052 over the last three months. Company insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Snowflake by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company's stock worth $6,218,515,000 after purchasing an additional 595,553 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in Snowflake in the 2nd quarter worth $3,900,134,000. Jennison Associates LLC boosted its stake in Snowflake by 20.5% in the 2nd quarter. Jennison Associates LLC now owns 8,000,667 shares of the company's stock worth $1,790,309,000 after purchasing an additional 1,363,389 shares during the period. State Street Corp boosted its stake in Snowflake by 1.4% in the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company's stock worth $1,541,120,000 after purchasing an additional 94,293 shares during the period. Finally, Artisan Partners Limited Partnership boosted its stake in Snowflake by 15.2% in the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company's stock worth $1,108,045,000 after purchasing an additional 652,485 shares during the period. Institutional investors and hedge funds 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.

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