Bank of America Analyst Sees Upward Movement for Snowflake (NYSE:SNOW) Stock

2 min read | November 25, 2024 11:10 PM AEDT | By Team Kalkine Media

Bank of America Analyst Sees Upward Movement for Snowflake (NYSE:SNOW) Stock — Image source: Shutterstock

Article:

Bank of America has recently adjusted its price target for Snowflake (NYSE:SNOW) , increasing it from $160.00 to $185.00, while maintaining a neutral rating on the stock. This marks the latest in a series of revisions from multiple research firms. Other analysts have also made adjustments to their assessments of Snowflake, with Royal Bank of Canada increasing its price objective from $175.00 to $188.00, and Citigroup revising their price from $200.00 to $183.00. These updates follow a broader trend of analysts revising their outlook on the company, with a consensus rating of “Moderate Buy” from 26 analysts issuing a buy rating, 12 assigning a hold rating, and 1 recommending a sell.

Snowflake has experienced notable activity from both analysts and insiders. In the past quarter, some corporate insiders, including EVP Christian Kleinerman and Director Frank Slootman, have reduced their stock holdings, with Kleinerman selling over 3,000 shares and Slootman selling over 1,600 shares. These insider transactions, totaling tens of thousands of shares, may reflect broader market sentiments or strategic decisions within the company.

Institutional investors continue to hold a significant portion of Snowflake’s shares, with hedge funds and investment management firms adjusting their positions. Notable changes include LRI Investments LLC increasing its stake by over 150% and other entities such as Wellington Shields Capital Management LLC and Fortitude Family Office LLC acquiring new positions. Overall, institutional investors hold 65.1% of the company’s stock, underscoring the continued institutional confidence in Snowflake’s future performance.

Snowflake operates a cloud-based data platform that provides solutions for data consolidation, AI-powered insights, and data sharing for organizations worldwide. With the ongoing attention from both research firms and institutional players, Snowflake remains a key player in the cloud computing sector.

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