Snowflake Inc. SNOW shares are trading lower in Monday's after-hours session after the company announced a $2 billion private placement of senior convertible notes.

The Details: Snowflake announced it intends to offer $1 billion aggregate principal amount of its convertible senior notes due 2027 and a $1 billion aggregate principal amount of its convertible senior notes due 2029.

The company also intends to grant the initial purchasers of the notes options to purchase up to an additional $150 million aggregate principal amount of the 2027 notes and up to an additional $150 million aggregate principal amount of the 2029 notes. 

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According to data from Benzinga Pro, Snowflake shares are trading below the stock’s 50-day moving average of $121.30 and near its 52-week low of $107.13. 

Will SNOW Stock Go Up?

When trying to assess whether or not Snowflake will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $166.93 on Snowflake. The Street high target is currently at $220 and the Street low target is $121. Of all the analysts covering Snowflake, 19 have positive ratings, nine have neutral ratings and no one has negative ratings.

In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Snowflake have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Snowflake is 40.11% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Snowflake, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

SNOW Price Action: According to Benzinga Pro, Snowflake shares are down 2.62% after-hours at $110.29 at the time of publication Monday.

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