Rosenblatt Securities Raises Snowflake (NYSE:SNOW) Price Target to $250.00

Snowflake (NYSE:SNOW) had its price objective hoisted by investment analysts at Rosenblatt Securities from $210.00 to $250.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price objective points to a potential upside of 24.83% from the company’s current price.

SNOW has been the topic of several other research reports. Needham & Company LLC restated a “buy” rating and set a $230.00 target price on shares of Snowflake in a research report on Thursday, June 5th. Cantor Fitzgerald increased their target price on Snowflake from $183.00 to $242.00 and gave the stock an “overweight” rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. increased their price target on shares of Snowflake from $210.00 to $225.00 and gave the stock an “overweight” rating in a report on Thursday, May 22nd. Sanford C. Bernstein raised their price objective on shares of Snowflake from $191.00 to $221.00 and gave the company a “market perform” rating in a research report on Thursday. Finally, Jefferies Financial Group restated a “buy” rating on shares of Snowflake in a research report on Thursday. Three equities 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $234.84.

Snowflake Trading Up 3.0%

NYSE:SNOW opened at $200.27 on Thursday. The company has a market cap of $66.86 billion, a P/E ratio of -47.57 and a beta of 1.22. The stock’s fifty day moving average price is $210.30 and its two-hundred day moving average price is $185.15. Snowflake has a 1 year low of $107.13 and a 1 year high of $229.27. 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 Activity

In other news, Director Frank Slootman sold 424,852 shares of the business’s stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director owned 165,507 shares of the company’s stock, valued at approximately $36,303,960.45. The trade was a 71.97% 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, Director Michael L. Speiser sold 50,338 shares of the business’s stock in a transaction dated 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 directly owned 37,796 shares of the company’s stock, valued at $7,988,184.60. The trade was a 57.12% decrease in their position. 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 three months. 6.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Snowflake by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company’s stock valued at $6,218,515,000 after buying an additional 595,553 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in shares of Snowflake during the 2nd quarter valued at about $3,900,134,000. Jennison Associates LLC raised its holdings in shares of Snowflake by 20.5% during the 2nd quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock valued at $1,790,309,000 after buying an additional 1,363,389 shares in the last quarter. State Street Corp raised its holdings in shares of Snowflake by 1.4% during the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company’s stock valued at $1,541,120,000 after buying an additional 94,293 shares in the last quarter. Finally, Artisan Partners Limited Partnership raised its holdings in shares of Snowflake by 15.2% during the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock valued at $1,108,045,000 after buying an additional 652,485 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.