Snowflake (NYSE:SNOW) Price Target Raised to $250.00 at Wedbush

Key Points

• Wedbush has raised its price target for Snowflake from $230.00 to $250.00, indicating an upside potential of 11.75% from its current price.
• Snowflake's stock has seen a recent increase of 11.6% and currently holds a consensus rating of "Moderate Buy" among analysts.
• Insider selling has occurred, with a total of 2.5 million shares sold by insiders valued at approximately $555.7 million over the last ninety days.

Snowflake (NYSE:SNOW - Get Free Report) had its price target upped by research analysts at Wedbush from $230.00 to $250.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price objective indicates a potential upside of 11.75% from the stock's current price.

Other analysts also recently issued research reports about the stock. Sanford C. Bernstein boosted their target price on shares of Snowflake from $191.00 to $221.00 and gave the stock a "market perform" rating in a research report on Thursday. Cowen reissued a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Rosenblatt Securities boosted their target price on shares of Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday. Barclays reissued an "overweight" rating on shares of Snowflake in a research report on Thursday. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Snowflake in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $241.08.

Snowflake Stock Up 11.6%

Shares of Snowflake stock opened at $223.71 on Thursday. The firm's 50 day moving average price is $210.30 and its 200-day moving average price is $185.15. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake has a 52-week low of $107.13 and a 52-week high of $229.27. The company has a market cap of $74.69 billion, a P/E ratio of -52.19 and a beta of 1.22.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Trust Co. of Toledo NA OH acquired a new position in shares of Snowflake during the 2nd quarter worth about $25,000. Avion Wealth raised its position in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after purchasing an additional 49 shares during the last quarter. Rossby Financial LCC raised its position in shares of Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company's stock worth $29,000 after purchasing an additional 127 shares during the last quarter. Whittier Trust Co. raised its position in shares of Snowflake by 149.1% during the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company's stock worth $31,000 after purchasing an additional 82 shares during the last quarter. Finally, Golden State Wealth Management LLC raised its position in shares of Snowflake by 417.2% during the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company's stock worth $34,000 after purchasing an additional 121 shares during 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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