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

Snowflake Inc. (NYSE:SNOWGet Free Report)’s stock price dropped 1% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $208.14 and last traded at $208.67. Approximately 1,084,831 shares were traded during trading, a decline of 83% from the average daily volume of 6,324,972 shares. The stock had previously closed at $210.85.

Specifically, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $211.35, for a total value of $10,638,936.30. Following the completion of the transaction, the director now owns 37,796 shares of the company’s stock, valued at approximately $7,988,184.60. This trade represents a 57.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction on Friday, June 6th. The shares were sold at an average price of $211.35, for a total transaction of $85,174.05. Following the completion of the transaction, the director now owns 25,569 shares in the company, valued at approximately $5,404,008.15. This trade represents a 1.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $205.67, for a total value of $2,056,700.00. Following the completion of the transaction, the executive vice president now owns 570,632 shares of the company’s stock, valued at approximately $117,361,883.44. The trade was a 1.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Macquarie increased their target price on Snowflake from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 4th. Cantor Fitzgerald raised their price objective on Snowflake from $183.00 to $242.00 and gave the stock an “overweight” rating in a research report on Thursday, May 22nd. Barclays reiterated an “overweight” rating and set a $219.00 price target (up from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. HSBC downgraded Snowflake from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $225.00 target price (up previously from $200.00) on shares of Snowflake in a research note on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $222.81.

Check Out Our Latest Report on Snowflake

Snowflake Stock Performance

The firm has a market cap of $69.61 billion, a P/E ratio of -61.50 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company’s 50 day moving average is $173.43 and its 200 day moving average is $170.25.

Snowflake (NYSE:SNOWGet Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the company posted $0.14 earnings per share. The business’s quarterly revenue was up 25.8% on a year-over-year basis. As a group, equities analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Snowflake

Several hedge funds have recently bought and sold shares of the stock. Opal Wealth Advisors LLC purchased a new position in Snowflake during the 1st quarter valued at $26,000. Stonebridge Financial Group LLC purchased a new stake in Snowflake during the 4th quarter valued at approximately $29,000. CVA Family Office LLC grew its holdings in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after purchasing an additional 88 shares in the last quarter. West Paces Advisors Inc. purchased a new position in Snowflake during the fourth quarter worth $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in shares of Snowflake during the fourth quarter worth $31,000. 65.10% of the stock is currently owned by institutional investors.

About Snowflake

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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.

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