Snowflake (NYSE:SNOW) Shares Down 1% on Insider Selling

Snowflake Inc. (NYSE:SNOW) dropped 1% on Tuesday following insider selling activity. The stock traded as low as $208.14 and last traded at $208.67. Approximately 1,084,831 shares traded hands during trading, a decline of 83% from the average daily volume of 6,324,972 shares. The stock had previously closed at $210.85.

Specifically, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction on 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 transaction, the director now directly owns 37,796 shares in the company, valued at $7,988,184.60. This trade represents a 57.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction on Friday, June 6th. The shares were sold at an average price of $211.35, for a total transaction of $85,174.05. Following the completion of the transaction, the director now owns 25,569 shares in the company, valued at approximately $5,404,008.15. This trade represents a 1.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $205.67, for a total value of $2,056,700.00. Following the sale, the executive vice president now owns 570,632 shares of the company’s stock, valued at approximately $117,361,883.44. The trade was a 1.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SNOW shares. Wall Street Zen raised Snowflake from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Mizuho boosted their target price on shares of Snowflake from $215.00 to $235.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. Piper Sandler restated an “overweight” rating and set a $215.00 target price (up from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. Jefferies Financial Group boosted their target price on shares of Snowflake from $220.00 to $250.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Oppenheimer boosted their target price on shares of Snowflake from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $222.81.

Snowflake Trading Down 1.2%

The firm has a market capitalization of $69.52 billion, a price-to-earnings ratio of -61.42 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The business has a fifty day moving average price of $171.87 and a 200 day moving average price of $169.99.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the firm posted $0.14 EPS. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. As a group, equities analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Inspire Investing LLC raised its holdings in Snowflake by 23.4% in the first quarter. Inspire Investing LLC now owns 2,066 shares of the company’s stock valued at $302,000 after buying an additional 392 shares during the period. Strs Ohio purchased a new position in Snowflake in the first quarter valued at approximately $10,209,000. SWS Partners grew its position in Snowflake by 2.5% in the first quarter. SWS Partners now owns 20,683 shares of the company’s stock valued at $3,023,000 after acquiring an additional 507 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Snowflake by 29.7% in the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after acquiring an additional 73 shares in the last quarter. Finally, IFM Investors Pty Ltd grew its position in Snowflake by 0.5% in the first quarter. IFM Investors Pty Ltd now owns 54,020 shares of the company’s stock valued at $7,896,000 after acquiring an additional 274 shares in the last quarter. Hedge funds and other institutional investors 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.