Snowflake (NYSE:SNOW) Given New $275.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has raised its price target for Snowflake from $242.00 to $275.00, indicating a potential upside of 37.32% from the current price.
• Snowflake's stock received positive assessments from several analysts, with rankings of "buy" and "outperform" from firms like Needham & Company and Mizuho.
• Insider trading activity shows significant sales by Snowflake executives, with insiders selling over 2.5 million shares valued at approximately $555.7 million in the last 90 days.

Snowflake (NYSE:SNOW - Get Free Report) had its target price boosted by investment analysts at Cantor Fitzgerald from $242.00 to $275.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Cantor Fitzgerald's target price suggests a potential upside of 37.32% from the company's current price.

Several other equities analysts also recently weighed in on SNOW. Needham & Company LLC raised their price target on Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday. Mizuho raised their target price on Snowflake from $215.00 to $235.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Bank of America upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $220.00 to $240.00 in a research note on Wednesday, August 20th. Citigroup reissued an "outperform" rating on shares of Snowflake in a report on Thursday. Finally, Hsbc Global Res cut Snowflake from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $239.05.

Snowflake Trading Up 3.0%

Shares of NYSE:SNOW opened at $200.27 on Thursday. Snowflake has a 52 week low of $107.13 and a 52 week high of $229.27. The company's 50 day moving average is $210.30 and its two-hundred day moving average is $185.15. The company has a market cap of $66.86 billion, a PE ratio of -47.57 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

Insider Transactions at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $216.00, for a total value of $2,160,000.00. Following the transaction, the executive vice president directly owned 537,336 shares of the company's stock, valued at $116,064,576. The trade was a 1.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Teresa Briggs sold 1,146 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the transaction, the director directly owned 4,474 shares of the company's stock, valued at approximately $974,168.76. The trade was a 20.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,516,826 shares of company stock valued at $555,691,052 over the last 90 days. Company insiders own 6.80% of the company's stock.

Institutional Trading of Snowflake

Large investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. lifted its position in Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after buying an additional 650,775 shares in the last quarter. CenterBook Partners LP acquired a new stake in Snowflake in the 1st quarter valued at about $2,381,000. Berkshire Capital Holdings Inc. raised its stake in shares of Snowflake by 71,500.0% in the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock worth $1,047,000 after acquiring an additional 7,150 shares during the last quarter. Lyell Wealth Management LP lifted its position in shares of Snowflake by 5.1% during the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock worth $8,870,000 after purchasing an additional 2,955 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in shares of Snowflake during the first quarter valued at approximately $898,000. 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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