Snowflake (NYSE:SNOW) Shares Down 2.1% on Insider Selling

Shares of Snowflake Inc. (NYSE:SNOW) dropped 2.1% during trading on Friday after an insider sold shares in the company. The stock traded as low as $233.24 and last traded at $235.42. Approximately 4,064,878 shares traded hands during trading, a decline of 23% from the average daily volume of 5,301,875 shares. The stock had previously closed at $240.54.

Specifically, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $223.88, for a total value of $2,238,800.00. Following the sale, the executive vice president directly owned 532,450 shares in the company, valued at approximately $119,204,906. This trade represents a 1.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Vivek Raghunathan sold 11,801 shares of the firm’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the sale, the senior vice president owned 241,854 shares in the company, valued at approximately $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of research analyst reports. Wedbush raised their price target on shares of Snowflake from $230.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, August 28th. Stephens initiated coverage on shares of Snowflake in a research note on Friday, July 18th. They issued an “overweight” rating and a $261.00 price target on the stock. Barclays lifted their target price on shares of Snowflake from $219.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Oppenheimer lifted their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Finally, Truist Financial lifted their target price on shares of Snowflake from $235.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $255.53.

Snowflake Trading Down 2.1%

The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The firm’s fifty day simple moving average is $215.94 and its 200-day simple moving average is $195.62. The stock has a market cap of $79.76 billion, a P/E ratio of -56.73 and a beta of 1.21.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the business earned $0.18 EPS. The company’s revenue was up 31.8% compared to the same quarter last year. Equities research analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH bought a new position in Snowflake during the 2nd quarter worth approximately $25,000. Avion Wealth raised its holdings in Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after purchasing an additional 49 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in Snowflake during the 1st quarter worth approximately $26,000. CVA Family Office LLC raised its holdings in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after purchasing an additional 88 shares during the last quarter. Finally, Rossby Financial LCC raised its holdings in Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after purchasing an additional 127 shares during the last quarter. 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.