JMP Securities Reaffirms Market Outperform Rating for Snowflake (NYSE:SNOW)

Key Points

• JMP Securities has reaffirmed a "market outperform" rating for Snowflake (NYSE:SNOW), setting a price target of $260.00, indicating a potential upside of 33.47% from its previous close.
• The stock currently has a consensus rating of "Moderate Buy" from 40 analysts, with three rating it as a Strong Buy and an average price target of $230.22.
• In recent insider transactions, Director Frank Slootman sold 256,046 shares of Snowflake, marking a significant 60.74% decrease in his position.

Snowflake (NYSE:SNOW - Get Free Report)'s stock had its "market outperform" rating reissued by stock analysts at JMP Securities in a report issued on Tuesday,Benzinga reports. They presently have a $260.00 price target on the stock. JMP Securities' price objective would indicate a potential upside of 33.47% from the company's previous close.

Several other research firms have also issued reports on SNOW. Hsbc Global Res lowered shares of Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Macquarie lifted their price target on shares of Snowflake from $190.00 to $210.00 and gave the stock a "neutral" rating in a report on Wednesday, June 4th. Barclays restated an "overweight" rating and issued a $219.00 target price (up previously from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. Morgan Stanley started coverage on shares of Snowflake in a research note on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 price target for the company. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $205.00 price target on shares of Snowflake in a research note on Monday, May 19th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $230.22.

Snowflake Trading Down 1.0%

Shares of NYSE:SNOW opened at $194.80 on Tuesday. The company has a market capitalization of $65.04 billion, a P/E ratio of -46.27 and a beta of 1.22. Snowflake has a 1 year low of $107.13 and a 1 year high of $229.27. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The business's 50 day simple moving average is $210.82 and its 200 day simple moving average is $184.98.

Insider Activity

In other news, Director Michael L. Speiser sold 403 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $208.69, for a total value of $84,102.07. Following the transaction, the director owned 26,136 shares of the company's stock, valued at $5,454,321.84. This represents a 1.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Slootman sold 256,046 shares of the stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $227.15, for a total transaction of $58,160,848.90. Following the completion of the transaction, the director directly owned 165,507 shares in the company, valued at $37,594,915.05. The trade was a 60.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,516,826 shares of company stock worth $555,691,052. Insiders own 6.80% of the company's stock.

Institutional Investors Weigh In On Snowflake

Institutional investors have recently made changes to their positions in the business. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake in the 2nd quarter valued at $25,000. Avion Wealth boosted its position in Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock valued at $25,000 after buying an additional 49 shares during the period. Rossby Financial LCC raised its holdings in Snowflake by 4,233.3% in the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company's stock worth $29,000 after purchasing an additional 127 shares in the last quarter. Whittier Trust Co. raised its holdings in Snowflake by 149.1% in the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company's stock worth $31,000 after purchasing an additional 82 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its holdings in Snowflake by 417.2% in the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company's stock worth $34,000 after purchasing an additional 121 shares in the last quarter. Hedge funds and other institutional investors 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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