Snowflake (NYSE:SNOW) Given New $270.00 Price Target at Truist Financial

Snowflake (NYSE:SNOW) had its price objective hoisted by stock analysts at Truist Financial from $235.00 to $270.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 34.82% from the company’s previous close.

A number of other equities research analysts have also recently commented on SNOW. Citigroup reissued an “outperform” rating on shares of Snowflake in a research note on Thursday. UBS Group lowered their price target on Snowflake from $265.00 to $250.00 and set a “buy” rating for the company in a report on Wednesday, August 13th. Scotiabank reissued an “outperform” rating on shares of Snowflake in a research report on Thursday, May 22nd. Loop Capital upped their price target on shares of Snowflake from $220.00 to $245.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. Finally, Macquarie increased their target price on shares of Snowflake from $190.00 to $210.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 4th. Three research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $240.00.

Snowflake Trading Up 3.0%

Shares of SNOW stock opened at $200.27 on Thursday. The firm has a market cap of $66.86 billion, a P/E ratio of -47.57 and a beta of 1.22. The business has a 50-day moving average price of $210.30 and a two-hundred day moving average price of $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 12-month low of $107.13 and a 12-month high of $229.27.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $211.35, for a total value of $10,638,936.30. Following the completion of the sale, the director owned 37,796 shares in the company, valued at approximately $7,988,184.60. This represents a 57.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 424,852 shares of the stock in a transaction dated 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 completion of the sale, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,516,826 shares of company stock valued at $555,691,052. Insiders own 6.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Advantage Inc. increased its holdings in shares of Snowflake by 1.1% during the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock worth $987,000 after buying an additional 48 shares during the last quarter. Wedbush Securities Inc. boosted its position in shares of Snowflake by 1.3% during the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock worth $832,000 after purchasing an additional 48 shares during the period. Avion Wealth boosted 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 period. Insigneo Advisory Services LLC boosted its position in shares of Snowflake by 1.3% during the 2nd quarter. Insigneo Advisory Services LLC now owns 4,003 shares of the company’s stock worth $896,000 after purchasing an additional 52 shares during the period. Finally, Advyzon Investment Management LLC boosted its position in shares of Snowflake by 3.8% during the 2nd quarter. Advyzon Investment Management LLC now owns 1,520 shares of the company’s stock worth $340,000 after purchasing an additional 55 shares during the period. 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.