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

Snowflake Inc. (NYSE:SNOW)’s share price traded down 1% during trading on Tuesday following insider selling activity. The company traded as low as $220.10 and last traded at $222.9830. 6,105,585 shares changed hands during 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 Snowflake stock in a transaction on Friday, December 5th. The stock was sold at an average price of $230.65, for a total value of $11,610,459.70. Following the sale, the director owned 32,756 shares in the company, valued at $7,555,171.40. The trade was a 60.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $230.65, for a total value of $92,951.95. Following the sale, the director directly owned 24,524 shares in the company, valued at $5,656,460.60. This represents a 1.62% decrease in their position. The SEC filing for this sale provides additional information. In related news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $249.53, for a total value of $2,495,300.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of research analyst reports. Mizuho increased their price target on shares of Snowflake from $260.00 to $285.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Sanford C. Bernstein restated a “market perform” rating and set a $237.00 target price on shares of Snowflake in a research report on Thursday, December 4th. Monness Crespi & Hardt increased their price target on shares of Snowflake from $260.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. Raymond James Financial raised their price objective on shares of Snowflake from $212.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Finally, Wedbush restated an “outperform” rating and set a $270.00 price objective on shares of Snowflake in a research report on Thursday, December 4th. Two investment 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $274.78.

Snowflake Price Performance

The company has a current ratio of 1.37, a quick ratio of 1.48 and a debt-to-equity ratio of 1.07. The stock has a market cap of $73.27 billion, a PE ratio of -53.53 and a beta of 1.09. The company’s 50 day moving average is $250.99 and its 200-day moving average is $227.12.

Snowflake (NYSE:SNOW) last posted 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 during the quarter, compared to analysts’ expectations of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The firm’s revenue for the quarter was up 28.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.20 EPS. As a group, sell-side analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. IFP Advisors Inc grew its position in shares of Snowflake by 1.9% during the 3rd quarter. IFP Advisors Inc now owns 11,773 shares of the company’s stock valued at $2,655,000 after buying an additional 219 shares during the last quarter. Swiss Life Asset Management Ltd increased its stake in shares of Snowflake by 9.1% in the third quarter. Swiss Life Asset Management Ltd now owns 34,116 shares of the company’s stock valued at $7,695,000 after purchasing an additional 2,856 shares during the period. Investment Research Partners LLC acquired a new position in shares of Snowflake during the third quarter worth approximately $228,000. Strategic Advocates LLC acquired a new stake in Snowflake in the 3rd quarter valued at approximately $45,000. Finally, Manhattan West Asset Management LLC raised its stake in shares of Snowflake by 0.7% during the third quarter. Manhattan West Asset Management LLC now owns 13,332 shares of the company’s stock valued at $3,007,000 after purchasing an additional 94 shares in the last quarter. 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.