Insider Selling: Snowflake Inc. (NYSE:SNOW) CRO Sells 12,782 Shares of Stock

Snowflake Inc. (NYSE:SNOW) CRO Christopher William Degnan sold 12,782 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $156.56, for a total value of $2,001,149.92. Following the completion of the transaction, the executive now owns 354,954 shares in the company, valued at $55,571,598.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $159.32 on Friday. Snowflake Inc. has a 1-year low of $138.40 and a 1-year high of $237.72. The stock has a market capitalization of $53.24 billion, a price-to-earnings ratio of -62.48 and a beta of 0.90. The company has a 50 day moving average price of $163.20 and a 200 day moving average price of $178.80.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. The company had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. On average, sell-side analysts expect that Snowflake Inc. will post -1.9 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SNOW. Monness Crespi & Hardt raised shares of Snowflake from a “sell” rating to a “neutral” rating in a research report on Monday, March 18th. Barclays lowered their price target on Snowflake from $198.00 to $188.00 and set an “equal weight” rating for the company in a report on Friday, March 1st. Guggenheim raised Snowflake from a “sell” rating to a “neutral” rating in a research report on Friday, March 15th. JMP Securities upped their target price on Snowflake from $212.00 to $235.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 29th. Finally, UBS Group boosted their price target on Snowflake from $185.00 to $225.00 and gave the stock a “neutral” rating in a research report on Thursday, February 22nd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $202.77.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNOW. Commonwealth Equity Services LLC grew its holdings in shares of Snowflake by 6.2% during the third quarter. Commonwealth Equity Services LLC now owns 53,359 shares of the company’s stock valued at $8,152,000 after buying an additional 3,124 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Snowflake by 28.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 89,735 shares of the company’s stock valued at $13,709,000 after purchasing an additional 19,745 shares during the period. Stratos Wealth Partners LTD. lifted its position in shares of Snowflake by 139.8% in the third quarter. Stratos Wealth Partners LTD. now owns 4,818 shares of the company’s stock worth $736,000 after purchasing an additional 2,809 shares in the last quarter. Stratos Wealth Advisors LLC acquired a new stake in shares of Snowflake during the third quarter worth approximately $398,000. Finally, Bank of New York Mellon Corp grew its position in Snowflake by 5.0% during the third quarter. Bank of New York Mellon Corp now owns 1,668,797 shares of the company’s stock valued at $254,942,000 after purchasing an additional 79,825 shares in the last quarter. 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.