Snowflake Sees Unusually Large Options Volume (NYSE:SNOW)

Snowflake Inc. (NYSE:SNOW) was the recipient of unusually large options trading on Tuesday. Stock investors acquired 86,533 call options on the company. This represents an increase of 51% compared to the typical daily volume of 57,241 call options.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SNOW shares. Wells Fargo & Company restated an “overweight” rating and set a $250.00 price target (up from $225.00) on shares of Snowflake in a research report on Friday, June 13th. Cowen restated a “buy” rating on shares of Snowflake in a research report on Thursday, May 22nd. Daiwa Capital Markets assumed coverage on Snowflake in a research report on Tuesday, April 1st. They set a “buy” rating and a $210.00 price target on the stock. Piper Sandler reiterated an “overweight” rating and set a $215.00 price objective (up previously from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. Finally, UBS Group raised Snowflake from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $210.00 to $265.00 in a report on Wednesday, June 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $225.22.

Snowflake Stock Up 4.4%

Snowflake stock opened at $223.10 on Wednesday. The stock has a market cap of $74.48 billion, a PE ratio of -52.99 and a beta of 1.21. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake has a one year low of $107.13 and a one year high of $224.61. The stock has a fifty day moving average of $186.03 and a 200 day moving average of $172.43.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the business earned $0.14 earnings per share. Snowflake’s revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, sell-side analysts predict that Snowflake will post -2.36 EPS for the current year.

Insider Transactions at Snowflake

In related news, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $129.25, for a total transaction of $52,087.75. Following the sale, the director now directly owns 26,375 shares in the company, valued at $3,408,968.75. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of Snowflake stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the sale, the chief financial officer now owns 292,610 shares in the company, valued at $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 597,248 shares of company stock worth $121,549,799. 6.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Hedge funds have recently bought and sold shares of the stock. ORG Wealth Partners LLC bought a new stake in Snowflake during the first quarter valued at about $898,000. Kirtland Hills Capital Management LLC grew its holdings in Snowflake by 40.1% during the fourth quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company’s stock valued at $2,458,000 after purchasing an additional 4,559 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Snowflake by 455.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company’s stock valued at $19,174,000 after purchasing an additional 101,806 shares during the period. SPX Gestao de Recursos Ltda bought a new stake in Snowflake during the fourth quarter valued at about $3,088,000. Finally, GraniteShares Advisors LLC bought a new stake in Snowflake during the fourth quarter valued at about $781,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

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.