Snowflake (NYSE:SNOW) Given New $270.00 Price Target at Truist Financial

Key Points

• Truist Financial has raised its price target for Snowflake (NYSE:SNOW) from $235.00 to $270.00, indicating a potential upside of 34.82% from its current price.
• Other research firms, including Cantor Fitzgerald and Mizuho, have also increased their price targets, with Cantor raising it to $275.00, all supporting a bullish outlook on the stock.
• Insider transactions revealed significant selling, with Director Frank Slootman selling over 256,000 shares, a 60.74% decrease in their ownership, raising concerns among investors.

Snowflake (NYSE:SNOW - Get Free Report) had its price target increased by equities researchers at Truist Financial from $235.00 to $270.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price target suggests a potential upside of 34.82% from the stock's current price.

A number of other research firms also recently weighed in on SNOW. Cantor Fitzgerald raised their price target on Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research note on Thursday. Mizuho raised their price target on Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Morgan Stanley began coverage on Snowflake in a research note on Tuesday, June 24th. They set an "overweight" rating and a $262.00 price target for the company. Scotiabank reaffirmed an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Barclays reissued an "overweight" rating on shares of Snowflake in a report on Thursday. Three research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Snowflake currently has a consensus rating of "Moderate Buy" and an average target price of $240.00.

Snowflake Stock Up 3.0%

Shares of Snowflake stock opened at $200.27 on Thursday. Snowflake has a 1 year low of $107.13 and a 1 year high of $229.27. The stock has a 50-day moving average price of $210.30 and a 200 day moving average price of $185.15. 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 company has a market cap of $66.86 billion, a P/E ratio of -47.57 and a beta of 1.22.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 256,046 shares of the business's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $227.15, for a total value of $58,160,848.90. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $37,594,915.05. The trade was a 60.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction that occurred 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 completion of the sale, the director owned 26,136 shares in the company, valued at $5,454,321.84. The trade was a 1.52% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,516,826 shares of company stock worth $555,691,052. Company insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its stake in shares of Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. Northern Trust Corp grew its position in shares of Snowflake by 18.0% in the 4th quarter. Northern Trust Corp now owns 2,141,468 shares of the company's stock valued at $330,664,000 after buying an additional 326,104 shares during the last quarter. Lido Advisors LLC raised its stake in Snowflake by 0.5% during the 4th quarter. Lido Advisors LLC now owns 21,393 shares of the company's stock worth $3,303,000 after buying an additional 103 shares during the period. Schonfeld Strategic Advisors LLC raised its stake in Snowflake by 335.2% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 49,259 shares of the company's stock worth $7,606,000 after buying an additional 37,940 shares during the period. Finally, Utah Retirement Systems raised its stake in Snowflake by 0.3% during the 4th quarter. Utah Retirement Systems now owns 33,922 shares of the company's stock worth $5,238,000 after buying an additional 100 shares during the period. Institutional investors own 65.10% of the company's stock.

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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