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Snowflake (SNOW) Receives a Buy from Needham

Needham analyst Mike Cikos maintained a Buy rating on Snowflake (SNOWResearch Report) today and set a price target of $240.00. The company’s shares closed yesterday at $165.11.

According to TipRanks, Cikos is an analyst with an average return of -13.7% and a 16.67% success rate. Cikos covers the Technology sector, focusing on stocks such as New Relic, Alteryx, and Dynatrace.

Snowflake has an analyst consensus of Moderate Buy, with a price target consensus of $207.59, which is a 25.73% upside from current levels. In a report released on September 22, MoffettNathanson also initiated coverage with a Buy rating on the stock with a $242.00 price target.

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Based on Snowflake’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $497.25 million and a GAAP net loss of $222.81 million. In comparison, last year the company earned a revenue of $272.2 million and had a GAAP net loss of $189.72 million

Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNOW in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Founded in 2012, Snowflake Inc. is a cloud-based company which provides a data platform in the United States and internationally. The company’s platform enables customers to consolidate data into a single source to drive meaningful business insights, build data-driven applications, and share data.

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