Snowflake Inc. (NYSE:SNOW – Get Free Report)’s stock price dropped 1.9% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $216.25 and last traded at $216.3780. Approximately 2,930,712 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 5,248,983 shares. The stock had previously closed at $220.60.
Specifically, EVP Christian Kleinerman sold 2,975 shares of the stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $212.45, for a total transaction of $632,038.75. Following the completion of the sale, the executive vice president directly owned 504,427 shares of the company’s stock, valued at approximately $107,165,516.15. This represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 7,728 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $212.45, for a total transaction of $1,641,813.60. Following the completion of the sale, the director owned 140,945 shares in the company, valued at $29,943,765.25. This represents a 5.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.
Analyst Ratings Changes
A number of equities research analysts recently commented on SNOW shares. Raymond James Financial set a $250.00 target price on shares of Snowflake in a research report on Monday. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $237.00 price target on shares of Snowflake in a research report on Thursday, December 4th. Oppenheimer reiterated an “outperform” rating on shares of Snowflake in a report on Friday, November 21st. Monness Crespi & Hardt raised their price objective on Snowflake from $260.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, December 4th. Finally, Cowen restated a “buy” rating on shares of Snowflake in a research note on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $275.32.
Snowflake Stock Performance
The stock has a market capitalization of $75.83 billion, a price-to-earnings ratio of -54.85 and a beta of 1.09. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07. The firm has a 50-day moving average of $248.14 and a 200-day moving average of $227.58.
Snowflake (NYSE:SNOW – Get Free Report) last issued its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, topping 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 return on equity of 45.91% and a negative net margin of 30.76%.The firm’s revenue was up 28.7% compared to the same quarter last year. During the same quarter in the previous year, the firm 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 Investors Weigh In On Snowflake
A number of institutional investors and hedge funds have recently modified their holdings of SNOW. Trust Co. of Toledo NA OH purchased a new position in Snowflake during the 2nd quarter worth approximately $25,000. Avion Wealth increased its stake in shares of Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after acquiring an additional 49 shares during the period. Grey Fox Wealth Advisors LLC purchased a new position in shares of Snowflake during the third quarter worth $25,000. Tripletail Wealth Management LLC purchased a new position in shares of Snowflake during the third quarter worth $28,000. Finally, Rossby Financial LCC lifted its position in Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 127 shares during the period. Institutional investors and hedge funds 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.
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