Snowflake (NYSE:SNOW) Shares Gap Down on Insider Selling

Snowflake Inc. (NYSE:SNOW)’s stock price gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $265.00, but opened at $244.00. Snowflake shares last traded at $239.6040, with a volume of 8,370,956 shares changing hands.

Specifically, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $249.53, for a total transaction of $2,495,300.00. Following the completion of the transaction, the executive vice president owned 512,450 shares in the company, valued at $127,871,648.50. The trade was a 1.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

SNOW has been the topic of a number of recent research reports. Evercore ISI raised their target price on Snowflake from $280.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday. Scotiabank reiterated an “outperform” rating on shares of Snowflake in a research report on Thursday. Royal Bank Of Canada restated an “outperform” rating on shares of Snowflake in a research report on Thursday. BTIG Research restated a “buy” rating and issued a $312.00 price target on shares of Snowflake in a research note on Thursday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $280.00 price objective on shares of Snowflake in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average price target of $275.05.

Snowflake Price Performance

The company has a 50 day moving average of $251.24 and a two-hundred day moving average of $225.91. The firm has a market cap of $79.45 billion, a P/E ratio of -58.04 and a beta of 1.09. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 43.84%. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the business earned $0.20 earnings per share. Snowflake’s revenue for the quarter was up 28.7% compared to the same quarter last year. Sell-side analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Institutional Trading of Snowflake

Large investors have recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its position in shares of Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after acquiring an additional 29,320 shares during the last quarter. Natixis Advisors LLC lifted its holdings in shares of Snowflake by 16.1% during the first quarter. Natixis Advisors LLC now owns 13,808 shares of the company’s stock valued at $2,018,000 after purchasing an additional 1,914 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Snowflake by 7.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 17,908 shares of the company’s stock valued at $2,617,000 after purchasing an additional 1,193 shares during the period. Scotia Capital Inc. boosted its position in shares of Snowflake by 5.8% in the 1st quarter. Scotia Capital Inc. now owns 8,826 shares of the company’s stock valued at $1,290,000 after purchasing an additional 483 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new position in Snowflake in the 1st quarter worth about $1,462,000. 65.10% of the stock is currently owned by institutional investors.

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.