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

Snowflake Inc. (NYSE:SNOW)’s stock price gapped down prior to trading 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 trading hands.

Specifically, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were 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. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of research analyst reports. Royal Bank Of Canada restated an “outperform” rating on shares of Snowflake in a research report on Thursday. Cantor Fitzgerald increased their price target on Snowflake from $275.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday. Truist Financial upped their target price on shares of Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Rosenblatt Securities upped their price target on shares of Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a report on Monday, December 1st. Finally, Monness Crespi & Hardt increased their price objective on Snowflake from $260.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $275.05.

Snowflake Stock Performance

The firm has a market cap of $77.73 billion, a price-to-earnings ratio of -56.79 and a beta of 1.09. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock’s 50 day moving average is $251.34 and its 200 day moving average is $226.24.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SNOW. Kingstone Capital Partners Texas LLC bought a new position in shares of Snowflake in the second quarter worth $3,900,134,000. Norges Bank acquired a new position in shares of Snowflake in the second quarter valued at approximately $944,895,000. Nuveen LLC bought a new position in shares of Snowflake during the first quarter valued at $555,847,000. Winslow Capital Management LLC bought a new position in Snowflake during the 2nd quarter worth $725,667,000. Finally, AQR Capital Management LLC raised its position in shares of Snowflake by 346.2% during the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock worth $456,430,000 after acquiring an additional 2,460,769 shares during the last quarter. 65.10% of the stock is 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.