Snowflake (NYSE:SNOW) Given New $280.00 Price Target at Needham & Company LLC

Key Points

• Analysts at Needham & Company LLC raised Snowflake's price target from $230.00 to $280.00, indicating a potential upside of 39.81% from its previous close.
• Snowflake stock has seen various ratings from analysts, with a current consensus rating of "Moderate Buy" and a price target of $234.84 among 34 "Buy" ratings.
• Insiders have sold a significant amount of shares recently, with reports indicating a total of 2,516,826 shares worth over $555 million sold in the last 90 days.

Snowflake (NYSE:SNOW - Get Free Report) had its price target upped by analysts at Needham & Company LLC from $230.00 to $280.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target suggests a potential upside of 39.81% from the company's previous close.

Other research analysts have also issued research reports about the stock. Oppenheimer restated an "outperform" rating on shares of Snowflake in a report on Tuesday, June 24th. Wells Fargo & Company restated an "overweight" rating on shares of Snowflake in a report on Thursday. Hsbc Global Res cut Snowflake from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Evercore ISI restated a "buy" rating on shares of Snowflake in a report on Wednesday, June 4th. Finally, Mizuho increased their price target on Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Three research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Snowflake presently has a consensus rating of "Moderate Buy" and a consensus price target of $234.84.

Snowflake Stock Up 3.0%

Snowflake stock opened at $200.27 on Thursday. 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 52-week low of $107.13 and a 52-week high of $229.27. The firm has a 50 day moving average price of $210.30 and a two-hundred day moving average price of $185.15. The firm has a market cap of $66.86 billion, a price-to-earnings ratio of -47.57 and a beta of 1.22.

Insider Buying and Selling

In other news, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $211.35, for a total value of $10,638,936.30. Following the transaction, the director owned 37,796 shares in the company, valued at $7,988,184.60. This trade represents a 57.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at $36,303,960.45. This represents a 71.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,516,826 shares of company stock worth $555,691,052 in the last 90 days. Corporate insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Trust Co. of Toledo NA OH bought a new position in shares of Snowflake in the second quarter valued at approximately $25,000. Avion Wealth grew its holdings in shares of Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company's stock valued at $25,000 after acquiring an additional 49 shares in the last quarter. Rossby Financial LCC grew its holdings in shares of Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company's stock valued at $29,000 after acquiring an additional 127 shares in the last quarter. Whittier Trust Co. grew its holdings in shares of Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company's stock valued at $31,000 after acquiring an additional 82 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its holdings in shares of Snowflake by 417.2% in the second quarter. Golden State Wealth Management LLC now owns 150 shares of the company's stock valued at $34,000 after acquiring an additional 121 shares in the last quarter. 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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