Royal Bank of Canada Lowers Snowflake (NYSE:SNOW) Price Target to $183.00

Snowflake (NYSE:SNOWGet Free Report) had its price objective dropped by investment analysts at Royal Bank of Canada from $226.00 to $183.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 38.60% from the stock’s previous close.

A number of other brokerages also recently weighed in on SNOW. Needham & Company LLC reiterated a “buy” rating and issued a $210.00 target price on shares of Snowflake in a report on Wednesday. JPMorgan Chase & Co. boosted their price objective on Snowflake from $170.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Loop Capital decreased their price objective on Snowflake from $235.00 to $225.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Guggenheim upgraded Snowflake from a “sell” rating to a “neutral” rating in a report on Friday, March 15th. Finally, Canaccord Genuity Group decreased their price objective on Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a report on Friday, May 24th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $198.92.

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Snowflake Stock Performance

Shares of SNOW stock opened at $132.03 on Wednesday. The company has a market cap of $44.12 billion, a P/E ratio of -47.15 and a beta of 0.85. The stock has a 50 day simple moving average of $153.84 and a two-hundred day simple moving average of $178.97. Snowflake has a fifty-two week low of $128.41 and a fifty-two week high of $237.72.

Insider Activity

In related news, insider Benoit Dageville sold 689 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $111,218.38. Following the sale, the insider now owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Benoit Dageville sold 689 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $111,218.38. Following the sale, the insider now owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $137.14, for a total value of $2,057,100.00. Following the sale, the executive vice president now directly owns 757,597 shares in the company, valued at approximately $103,896,852.58. The disclosure for this sale can be found here. Insiders have sold 83,880 shares of company stock valued at $12,890,065 in the last 90 days. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently added to or reduced their stakes in SNOW. Norges Bank bought a new position in Snowflake in the 4th quarter worth about $838,455,000. Swedbank AB bought a new position in Snowflake in the 1st quarter worth about $258,957,000. Vanguard Group Inc. increased its stake in Snowflake by 8.0% in the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after acquiring an additional 1,559,830 shares during the last quarter. FMR LLC increased its stake in Snowflake by 32.1% in the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after acquiring an additional 1,496,235 shares during the last quarter. Finally, Winslow Capital Management LLC bought a new position in Snowflake in the 3rd quarter worth about $226,302,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Company Profile

(Get Free Report)

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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Analyst Recommendations for Snowflake (NYSE:SNOW)

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