Snowflake (NYSE:SNOW) Price Target Raised to $276.00

Key Points

• BTIG Research has raised Snowflake's price target to $276.00, indicating a potential upside of 18.43% from its current price and maintaining a "buy" rating on the stock.
• Additionally, multiple analysts have provided ratings, with a consensus target price of $245.30, and a distribution of ratings including two Strong Buy, thirty-five Buy, four Hold, and two Sell ratings.
• Insider transactions show a significant decrease in holdings, with directors selling over 2.5 million shares collectively in recent months, suggesting potential concerns from insiders about the stock's future performance.

Snowflake (NYSE:SNOW - Get Free Report) had its price target lifted by stock analysts at BTIG Research from $235.00 to $276.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's target price points to a potential upside of 18.43% from the stock's current price.

Other analysts also recently issued reports about the company. Scotiabank restated an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Guggenheim reiterated a "neutral" rating on shares of Snowflake in a report on Thursday. DA Davidson reiterated a "buy" rating and issued a $250.00 price target on shares of Snowflake in a report on Monday. Piper Sandler increased their price target on Snowflake from $215.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Citigroup reiterated an "outperform" rating on shares of Snowflake in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $245.30.

Snowflake Trading Up 16.3%

SNOW stock opened at $233.05 on Thursday. The company has a market cap of $77.81 billion, a price-to-earnings ratio of -55.13 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The business has a fifty day simple moving average of $210.30 and a 200-day simple moving average of $185.15. Snowflake has a 52 week low of $107.13 and a 52 week high of $229.27.

Insider Transactions at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $211.35, for a total transaction of $10,638,936.30. Following the sale, the director owned 37,796 shares of the company's stock, valued at approximately $7,988,184.60. The trade was a 57.12% 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 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 transaction of $93,191,286.20. Following 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 three months. 6.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. acquired a new position in Snowflake in the second quarter worth approximately $828,000. Orion Porfolio Solutions LLC grew its position in Snowflake by 13.7% in the second quarter. Orion Porfolio Solutions LLC now owns 9,697 shares of the company's stock worth $2,170,000 after buying an additional 1,172 shares during the last quarter. Thrivent Financial for Lutherans acquired a new position in Snowflake in the second quarter worth approximately $227,000. MASTERINVEST Kapitalanlage GmbH acquired a new position in Snowflake in the second quarter worth approximately $229,000. Finally, Neuberger Berman Group LLC grew its position in Snowflake by 310.3% in the second quarter. Neuberger Berman Group LLC now owns 98,831 shares of the company's stock worth $22,115,000 after buying an additional 74,741 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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