Snowflake (NYSE:SNOW) Stock Price Down 3.1% on Insider Selling

Snowflake Inc. (NYSE:SNOWGet Free Report)’s stock price fell 3.1% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $136.81 and last traded at $137.25. 2,166,647 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 6,583,394 shares. The stock had previously closed at $141.57.

Specifically, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the sale, the director now owns 4,247 shares in the company, valued at approximately $607,236.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Snowflake news, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the transaction, the director now owns 4,247 shares in the company, valued at approximately $607,236.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $156.38, for a total value of $234,570.00. Following the transaction, the executive vice president now directly owns 774,097 shares of the company’s stock, valued at $121,053,288.86. The disclosure for this sale can be found here. Insiders sold 534,960 shares of company stock worth $67,198,020 over the last 90 days. 7.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SNOW has been the topic of a number of recent analyst reports. UBS Group upped their price target on shares of Snowflake from $185.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, May 23rd. Macquarie lowered their target price on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, May 24th. Stifel Nicolaus reduced their price target on shares of Snowflake from $220.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. Mizuho lowered their price target on Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $220.00 price objective on shares of Snowflake in a report on Thursday, May 23rd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $199.46.

Read Our Latest Report on SNOW

Snowflake Stock Performance

The firm has a market capitalization of $46.02 billion, a price-to-earnings ratio of -49.10 and a beta of 0.85. The business has a fifty day moving average price of $144.04 and a 200 day moving average price of $170.30.

Snowflake (NYSE:SNOWGet Free Report) last posted its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The firm had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. On average, analysts expect that Snowflake Inc. will post -2.28 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Grassi Investment Management raised its stake in shares of Snowflake by 7.2% in the 2nd quarter. Grassi Investment Management now owns 62,200 shares of the company’s stock valued at $8,403,000 after acquiring an additional 4,200 shares during the period. Kingswood Wealth Advisors LLC increased its holdings in Snowflake by 13.7% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 1,515 shares of the company’s stock valued at $205,000 after purchasing an additional 183 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in Snowflake by 10.7% in the second quarter. Harbor Capital Advisors Inc. now owns 7,531 shares of the company’s stock valued at $1,017,000 after purchasing an additional 727 shares during the period. Fulton Bank N.A. lifted its stake in shares of Snowflake by 17.4% during the second quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock worth $208,000 after purchasing an additional 228 shares in the last quarter. Finally, Mather Group LLC. boosted its position in shares of Snowflake by 223.6% in the second quarter. Mather Group LLC. now owns 906 shares of the company’s stock worth $122,000 after buying an additional 626 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

About Snowflake

(Get Free Report)

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.

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