Snowflake (NYSE:SNOW) Stock Price Down 3% on Insider Selling

Snowflake Inc. (NYSE:SNOW) dropped 3% on Tuesday following insider selling activity. The stock traded as low as $231.07 and last traded at $235.34. Approximately 4,889,863 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 5,298,420 shares. The stock had previously closed at $242.52.

Specifically, Director Michael L. Speiser sold 47,362 shares of Snowflake stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $236.32, for a total transaction of $11,192,587.84. Following the completion of the transaction, the director directly owned 34,892 shares of the company’s stock, valued at $8,245,677.44. The trade was a 57.58% 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, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $236.29, for a total transaction of $95,224.87. Following the completion of the sale, the director directly owned 25,330 shares of the company’s stock, valued at approximately $5,985,225.70. The trade was a 1.57% decrease in their position. The disclosure for this sale can be found here. In other news, Director Michael L. Speiser sold 2,976 shares of the business’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $236.01, for a total value of $702,365.76. Following the completion of the sale, the director owned 34,436 shares of the company’s stock, valued at approximately $8,127,240.36. The trade was a 7.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analyst Ratings Changes

SNOW has been the subject of a number of recent research reports. Royal Bank Of Canada boosted their target price on shares of Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. boosted their target price on shares of Snowflake from $225.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. JMP Securities reissued a “market outperform” rating and issued a $260.00 target price on shares of Snowflake in a research report on Tuesday, August 26th. Oppenheimer boosted their target price on shares of Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Finally, Canaccord Genuity Group boosted their target price on shares of Snowflake from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.53.

Snowflake Stock Performance

The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock has a market cap of $79.73 billion, a price-to-earnings ratio of -56.71 and a beta of 1.21. The company has a 50 day simple moving average of $216.75 and a 200 day simple moving average of $197.03.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SNOW. Brighton Jones LLC raised its stake in Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after acquiring an additional 29,320 shares in the last quarter. Wedmont Private Capital increased its stake in shares of Snowflake by 22.3% in the first quarter. Wedmont Private Capital now owns 3,856 shares of the company’s stock valued at $559,000 after buying an additional 703 shares during the period. OLD National Bancorp IN increased its stake in shares of Snowflake by 22.3% in the first quarter. OLD National Bancorp IN now owns 1,934 shares of the company’s stock valued at $283,000 after buying an additional 352 shares during the period. Capital Investment Advisors LLC increased its stake in shares of Snowflake by 21.0% in the first quarter. Capital Investment Advisors LLC now owns 3,106 shares of the company’s stock valued at $454,000 after buying an additional 539 shares during the period. Finally, Wesbanco Bank Inc. acquired a new position in shares of Snowflake in the first quarter valued at approximately $2,826,000. 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.