Cloud company Snowflake (NYSE:SNOW) saw its shares drop by 3.39% on Monday after Mandiant, Google’s (NASDAQ:GOOG) (NASDAQ:GOOGL) cybersecurity firm who has been together with Snowflake, gave more details about a recent data breach that was disclosed on May 30. Mandiant identified the attacker as UNC5537, which it labeled as a “financially motivated threat actor,” and reported that a “significant volume of records” had been stolen from around 165 Snowflake customers.
Mandiant clarified that the breach didn’t originate from Snowflake’s enterprise environment but was due to compromised customer credentials. They discovered the breach in April 2024 and traced it back to stolen credentials from infostealer malware.
Snowflake’s Chief Information Security Officer, Brad Jones, said that the company is working closely with the impacted customers and plans to add advanced security measures like multi-factor authentication. Both Mandiant and Snowflake are continuing their investigation and collaborating with law enforcement.
Is SNOW Stock a Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on SNOW stock based on 25 Buys, nine Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 26% decline in its share price over the past year, the average SNOW price target of $202.87 per share implies 60% upside potential.
