Stifel Nicolaus Boosts Snowflake (NYSE:SNOW) Price Target to $260.00

Key Points

• Stifel Nicolaus has increased its price target for Snowflake (NYSE:SNOW) from $220.00 to $260.00, suggesting an upside potential of 11.56% from the current stock price, maintaining a "buy" rating.
• Multiple analysts have set varying price targets for Snowflake, with Royal Bank of Canada raising theirs to $275.00, while the average price target among analysts stands at $245.30.
• Insider transactions disclosed that Director Frank Slootman sold over 256,000 shares of Snowflake, significantly reducing his stake in the company.

Snowflake (NYSE:SNOW - Get Free Report) had its target price raised by stock analysts at Stifel Nicolaus from $220.00 to $260.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Stifel Nicolaus' price target points to a potential upside of 11.56% from the stock's current price.

Other analysts have also recently issued reports about the company. Morgan Stanley began coverage on Snowflake in a research note on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 price objective on the stock. Guggenheim reiterated a "neutral" rating on shares of Snowflake in a research note on Thursday. CICC Research began coverage on Snowflake in a report on Friday, June 20th. They issued an "outperform" rating and a $225.00 target price on the stock. Rosenblatt Securities lifted their price target on Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Royal Bank Of Canada lifted their price target on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and an average price target of $245.30.

Snowflake Price Performance

SNOW stock opened at $233.05 on Thursday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The business has a 50 day simple moving average of $210.30 and a 200-day simple moving average of $185.15. The firm has a market capitalization of $77.81 billion, a PE ratio of -55.36 and a beta of 1.22. Snowflake has a 1 year low of $107.13 and a 1 year high of $229.67.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 256,046 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $227.15, for a total value of $58,160,848.90. Following the sale, the director owned 165,507 shares of the company's stock, valued at approximately $37,594,915.05. This represents a 60.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $208.69, for a total value of $84,102.07. Following the completion of the sale, the director directly owned 26,136 shares in the company, valued at approximately $5,454,321.84. The trade was a 1.52% 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 over the last quarter. Insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Advantage Inc. lifted 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 during the last quarter. Wedbush Securities Inc. raised its stake in Snowflake by 1.3% during the second quarter. Wedbush Securities Inc. now owns 3,717 shares of the company's stock worth $832,000 after acquiring an additional 48 shares during the period. Avion Wealth raised its stake in Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after acquiring an additional 49 shares during the period. Insigneo Advisory Services LLC raised its stake in Snowflake by 1.3% during the second quarter. Insigneo Advisory Services LLC now owns 4,003 shares of the company's stock worth $896,000 after acquiring an additional 52 shares during the period. Finally, Advyzon Investment Management LLC raised its stake in Snowflake by 3.8% during the second quarter. Advyzon Investment Management LLC now owns 1,520 shares of the company's stock worth $340,000 after acquiring an additional 55 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Company Profile

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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