DA Davidson Reaffirms "Buy" Rating for Snowflake (NYSE:SNOW)

Key Points

• DA Davidson maintained a buy rating for Snowflake (NYSE:SNOW) with a price target of $250, indicating a potential upside of 26.89% from the current trading price of approximately $197.
• Multiple research firms have recently re-evaluated Snowflake's stock, with Jefferies and Citigroup also setting price targets at $250, while Morgan Stanley set a target of $262.
• Insider trading activity shows significant sales, with Director Frank Slootman selling over 424,000 shares valued at approximately $93 million, indicating a 71.97% decrease in his shareholding.

Snowflake (NYSE:SNOW - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at DA Davidson in a report released on Monday,Benzinga reports. They currently have a $250.00 price objective on the stock. DA Davidson's price target suggests a potential upside of 26.89% from the stock's current price.

Several other research firms also recently commented on SNOW. Jefferies Financial Group upped their price target on shares of Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Morgan Stanley initiated coverage on shares of Snowflake in a research report on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 price target for the company. Stephens began coverage on shares of Snowflake in a research report on Friday, July 18th. They issued an "overweight" rating and a $261.00 price target for the company. Loop Capital lifted their price objective on shares of Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, Citigroup lifted their price objective on shares of Snowflake from $245.00 to $250.00 and gave the company a "buy" rating in a research report on Friday. Three investment analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $230.22.

Snowflake Stock Up 0.1%

Shares of NYSE SNOW traded up $0.2160 during mid-day trading on Monday, reaching $197.0260. The company had a trading volume of 636,850 shares, compared to its average volume of 4,977,996. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a 50 day simple moving average of $211.11 and a two-hundred day simple moving average of $184.90. The stock has a market cap of $65.78 billion, a P/E ratio of -46.73 and a beta of 1.22. Snowflake has a 52-week low of $107.13 and a 52-week high of $229.27.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 424,852 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the transaction, the director owned 165,507 shares of the company's stock, valued at $36,303,960.45. This represents a 71.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer directly owned 292,610 shares in the company, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,916,826 shares of company stock valued at $637,835,052 in the last three months. 6.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Snowflake by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company's stock valued at $6,218,515,000 after acquiring an additional 595,553 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in shares of Snowflake in the 2nd quarter valued at $3,900,134,000. Jennison Associates LLC raised its stake in shares of Snowflake by 20.5% in the 2nd quarter. Jennison Associates LLC now owns 8,000,667 shares of the company's stock valued at $1,790,309,000 after acquiring an additional 1,363,389 shares during the period. State Street Corp raised its stake in shares of Snowflake by 1.4% in the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company's stock valued at $1,541,120,000 after acquiring an additional 94,293 shares during the period. Finally, Artisan Partners Limited Partnership raised its stake in shares of Snowflake by 15.2% in the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company's stock valued at $1,108,045,000 after acquiring an additional 652,485 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.