Monness Crespi & Hardt Increases Snowflake (NYSE:SNOW) Price Target to $260.00

Key Points

• Monness Crespi & Hardt has raised its price target for Snowflake from $245.00 to $260.00, indicating a potential upside of 29.83% from the current price.
• The stock has received notable ratings from various analysts, with three giving it a Strong Buy and a consensus average price target of $234.84.
• Insider transactions included significant sales, with Director Frank Slootman selling 424,852 shares, marking a 71.97% decrease in ownership.

Snowflake (NYSE:SNOW - Get Free Report) had its target price upped by analysts at Monness Crespi & Hardt from $245.00 to $260.00 in a research report issued on Thursday, Marketbeat.com reports. The firm currently has a "buy" rating on the stock. Monness Crespi & Hardt's price target would indicate a potential upside of 8.93% from the stock's previous close.

Other research analysts also recently issued reports about the company. CICC Research started coverage on Snowflake in a report on Friday, June 20th. They issued an "outperform" rating and a $225.00 price target for the company. Cantor Fitzgerald boosted their price objective on Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Citigroup boosted their price objective on Snowflake from $245.00 to $250.00 and gave the company a "buy" rating in a research report on Friday, August 22nd. BTIG Research restated a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Hsbc Global Res cut Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Snowflake currently has an average rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Stock Performance

NYSE:SNOW traded down $2.32 during trading hours on Thursday, reaching $238.69. The company had a trading volume of 11,733,285 shares, compared to its average volume of 7,033,728. Snowflake has a 1-year low of $107.13 and a 1-year high of $249.99. The firm has a market cap of $79.69 billion, a PE ratio of -57.51 and a beta of 1.22. The business's 50 day moving average price is $211.41 and its 200-day moving average price is $185.85. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the sale, the director directly owned 165,507 shares in the company, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the business's 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 sale, the executive vice president owned 537,336 shares of the company's stock, valued at $116,064,576. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,216,909 shares of company stock valued at $717,287,181 over the last ninety days. Company insiders own 6.80% of the company's stock.

Institutional Trading of Snowflake

Several large investors have recently made changes to their positions in the company. Capital Advantage Inc. increased its position in shares of Snowflake by 1.1% during the second quarter. Capital Advantage Inc. now owns 4,412 shares of the company's stock worth $987,000 after purchasing an additional 48 shares in the last quarter. Wedbush Securities Inc. grew its holdings in Snowflake by 1.3% in the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company's stock valued at $832,000 after buying an additional 48 shares in the last quarter. Avion Wealth grew its holdings in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock valued at $25,000 after buying an additional 49 shares in the last quarter. Insigneo Advisory Services LLC grew its holdings in Snowflake by 1.3% in the 2nd quarter. Insigneo Advisory Services LLC now owns 4,003 shares of the company's stock valued at $896,000 after buying an additional 52 shares in the last quarter. Finally, Advyzon Investment Management LLC grew its holdings in Snowflake by 3.8% in the 2nd quarter. Advyzon Investment Management LLC now owns 1,520 shares of the company's stock valued at $340,000 after buying an additional 55 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.