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

Snowflake Inc. (NYSE:SNOW) shares fell 1% on Tuesday following insider selling activity. The stock traded as low as $220.10 and last traded at $222.9830. 6,105,585 shares changed hands during mid-day trading, an increase of 16% from the average session volume of 5,250,870 shares. The stock had previously closed at $225.31.

Specifically, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $230.65, for a total transaction of $11,610,459.70. Following the sale, the director owned 32,756 shares in the company, valued at $7,555,171.40. This represents a 60.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $230.65, for a total transaction of $92,951.95. Following the transaction, the director directly owned 24,524 shares of the company’s stock, valued at $5,656,460.60. The trade was a 1.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In other news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction dated 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 transaction, the executive vice president directly owned 512,450 shares of the company’s stock, valued at $127,871,648.50. The trade was a 1.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

SNOW has been the topic of a number of research reports. Scotiabank reaffirmed an “outperform” rating on shares of Snowflake in a research note on Thursday, December 4th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $237.00 price target on shares of Snowflake in a research note on Thursday, December 4th. Stifel Nicolaus increased their price objective on shares of Snowflake from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. BTIG Research restated a “buy” rating and issued a $312.00 target price on shares of Snowflake in a report on Thursday, December 4th. Finally, Canaccord Genuity Group upped their target price on shares of Snowflake from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $274.78.

Snowflake Stock Performance

The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.48. The stock has a market capitalization of $75.55 billion, a PE ratio of -55.19 and a beta of 1.09. The firm has a fifty day moving average price of $251.27 and a two-hundred day moving average price of $227.19.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.31 by $0.04. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company posted $0.20 EPS. Snowflake’s quarterly revenue was up 28.7% on a year-over-year basis. Research analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Snowflake by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company’s stock worth $6,461,465,000 after purchasing an additional 857,832 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new position in Snowflake in the second quarter worth about $3,900,134,000. Jennison Associates LLC lifted its position in shares of Snowflake by 13.5% during the third quarter. Jennison Associates LLC now owns 9,083,889 shares of the company’s stock valued at $2,048,871,000 after buying an additional 1,083,222 shares during the last quarter. State Street Corp boosted its holdings in shares of Snowflake by 1.4% in the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company’s stock valued at $1,541,120,000 after buying an additional 94,293 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its position in shares of Snowflake by 15.2% in the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock worth $1,108,045,000 after buying an additional 652,485 shares during 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.