Snowflake (NYSE:SNOW) Given New $280.00 Price Target at Evercore ISI

Key Points

• Evercore ISI has raised Snowflake's price target from $240.00 to $280.00, indicating a potential upside of 39.81% from its previous close.
• Snowflake has received a consensus rating of Moderate Buy from analysts, with three strong buy ratings, thirty-four buy ratings, and a consensus target price of $239.05.
• Recent insider transactions include significant sales by directors, with over 2.5 million shares sold worth approximately $555 million in the last ninety days.

Snowflake (NYSE:SNOW - Get Free Report) had its price objective upped by stock analysts at Evercore ISI from $240.00 to $280.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Evercore ISI's target price would indicate a potential upside of 39.81% from the company's previous close.

Several other brokerages have also recently commented on SNOW. Stephens started 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. Scotiabank reiterated an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Oppenheimer reissued an "outperform" rating on shares of Snowflake in a research note on Tuesday, June 24th. Macquarie increased their price target on Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. Finally, CICC Research initiated coverage on Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $239.05.

Snowflake Stock Up 3.0%

Shares of SNOW opened at $200.27 on Thursday. The company's 50-day simple moving average is $210.30 and its 200-day simple moving average is $185.15. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake has a 1 year low of $107.13 and a 1 year high of $229.27. The stock has a market capitalization of $66.86 billion, a PE ratio of -47.57 and a beta of 1.22.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 424,852 shares of the business's 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 sale, the director directly owned 165,507 shares in the company, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $211.35, for a total value of $10,638,936.30. Following the completion of the transaction, the director owned 37,796 shares of the company's stock, valued at approximately $7,988,184.60. This represents a 57.12% 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. Corporate insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently bought and sold shares of SNOW. Brighton Jones LLC raised its holdings in shares of Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after purchasing an additional 29,320 shares during the period. Northern Trust Corp lifted its holdings in shares of Snowflake by 18.0% during the 4th quarter. Northern Trust Corp now owns 2,141,468 shares of the company's stock valued at $330,664,000 after acquiring an additional 326,104 shares in the last quarter. Lido Advisors LLC boosted its position 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 purchasing an additional 103 shares during the period. Schonfeld Strategic Advisors LLC increased its holdings in Snowflake by 335.2% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 49,259 shares of the company's stock valued at $7,606,000 after purchasing an additional 37,940 shares in the last quarter. Finally, Utah Retirement Systems raised its position in shares of Snowflake by 0.3% in the 4th quarter. Utah Retirement Systems now owns 33,922 shares of the company's stock valued at $5,238,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds 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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