Robert W. Baird Forecasts Strong Price Appreciation for Snowflake (NYSE:SNOW) Stock

Key Points

• Robert W. Baird has raised its price target for Snowflake (NYSE:SNOW) stock from $215 to $260, indicating a potential upside of 10.51% based on the current price.
• Snowflake maintains an average rating of "Moderate Buy" from analysts, with two Strong Buy ratings and a target average price of $249.46.
• Insider selling activity has been noted, with Director Frank Slootman selling over 256,000 shares, reducing his stake significantly by 60.74%.

Snowflake (NYSE:SNOW - Get Free Report) had its price objective upped by equities researchers at Robert W. Baird from $215.00 to $260.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price target suggests a potential upside of 10.51% from the company's current price.

Several other research firms have also issued reports on SNOW. Citigroup reiterated an "outperform" rating on shares of Snowflake in a report on Thursday. Scotiabank reiterated an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Guggenheim restated a "neutral" rating on shares of Snowflake in a research note on Thursday. Jefferies Financial Group reiterated a "buy" rating and issued a $270.00 price target on shares of Snowflake in a research note on Thursday. Finally, Mizuho raised their price objective on Snowflake from $215.00 to $235.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and an average target price of $249.46.

Snowflake Price Performance

NYSE SNOW traded up $34.88 during trading hours on Thursday, reaching $235.27. 21,332,456 shares of the stock traded hands, compared to its average volume of 5,167,489. The company has a market cap of $78.55 billion, a price-to-earnings ratio of -55.75 and a beta of 1.22. The stock has a 50 day simple moving average of $210.30 and a two-hundred day simple moving average of $185.15. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. Snowflake has a 1 year low of $107.13 and a 1 year high of $240.53.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 256,046 shares of the stock in a transaction dated 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 sale, the director directly owned 165,507 shares of the company's stock, valued at approximately $37,594,915.05. This trade represents a 60.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $208.69, for a total transaction of $84,102.07. Following the completion of the transaction, the director directly owned 26,136 shares in the company, valued at $5,454,321.84. This represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,516,826 shares of company stock valued at $555,691,052 over the last quarter. 6.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Snowflake

Institutional investors and hedge funds have recently bought and sold shares of the stock. Trust Co. of Toledo NA OH acquired a new stake in shares of Snowflake in the second quarter valued at approximately $25,000. Avion Wealth raised its stake in Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after purchasing an additional 49 shares during the period. Opal Wealth Advisors LLC purchased a new position in Snowflake during the first quarter worth approximately $26,000. CVA Family Office LLC raised its stake in shares of Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares during the period. Finally, Rossby Financial LCC raised its stake in shares of Snowflake by 4,233.3% in the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company's stock valued at $29,000 after acquiring an additional 127 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Company Profile

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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