Snowflake (NYSE:SNOW) Trading Down 11.5% After Insider Selling

Shares of Snowflake Inc. (NYSE:SNOW) traded down 11.5% during trading on Thursday following insider selling activity. The stock traded as low as $234.03 and last traded at $234.49. 25,516,954 shares traded hands during trading, an increase of 389% from the average session volume of 5,214,163 shares. The stock had previously closed at $265.00.

Specifically, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $249.53, for a total value of $2,495,300.00. Following the sale, the executive vice president directly owned 512,450 shares in the company, valued at approximately $127,871,648.50. This represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

SNOW has been the topic of several research analyst reports. Raymond James Financial upped their price objective on Snowflake from $212.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Guggenheim restated a “neutral” rating on shares of Snowflake in a report on Wednesday, November 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 price target on shares of Snowflake in a research note on Thursday. Citigroup reiterated a “market outperform” rating on shares of Snowflake in a report on Thursday. Finally, Rosenblatt Securities upped their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $275.05.

Snowflake Trading Down 2.3%

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 has a market capitalization of $77.73 billion, a P/E ratio of -56.79 and a beta of 1.09. The company has a 50-day moving average price of $251.34 and a 200 day moving average price of $226.24.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative return on equity of 43.84% and a negative net margin of 30.76%.The firm’s revenue for the quarter was up 28.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.20 earnings per share. On average, research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Kingstone Capital Partners Texas LLC purchased a new stake in Snowflake during the second quarter valued at approximately $3,900,134,000. Norges Bank acquired a new position in shares of Snowflake during the second quarter worth $944,895,000. Nuveen LLC purchased a new stake in shares of Snowflake during the 1st quarter valued at $555,847,000. Winslow Capital Management LLC purchased a new stake in shares of Snowflake during the 2nd quarter valued at $725,667,000. Finally, AQR Capital Management LLC boosted its position in shares of Snowflake by 346.2% in the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock worth $456,430,000 after purchasing an additional 2,460,769 shares in 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.