Snowflake (NYSE:SNOW) Shares Down 1%

Snowflake Inc. (NYSE:SNOW) traded down 1% during trading on Monday . The company traded as low as $122.91 and last traded at $123.17. 674,598 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 6,384,110 shares. The stock had previously closed at $124.41.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Scotiabank dropped their target price on shares of Snowflake from $207.00 to $195.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 23rd. Stifel Nicolaus cut their price target on shares of Snowflake from $220.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Wells Fargo & Company decreased their price objective on shares of Snowflake from $225.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, June 21st. Finally, BNP Paribas raised Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 price objective on the stock in a research report on Thursday, May 2nd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.31.

Snowflake Stock Down 1.2 %

The firm has a market cap of $41.17 billion, a PE ratio of -43.70 and a beta of 0.85. The firm’s fifty day simple moving average is $130.70 and its two-hundred day simple moving average is $159.55.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The firm had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. As a group, analysts anticipate that Snowflake Inc. will post -2.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total value of $1,800,000.00. Following the transaction, the executive vice president now directly owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total value of $1,800,000.00. Following the sale, the executive vice president now owns 718,773 shares in the company, valued at approximately $86,252,760. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the transaction, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 535,678 shares of company stock worth $66,762,300. 7.80% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

Several hedge funds have recently modified their holdings of SNOW. Commerce Bank grew its position in Snowflake by 0.8% in the fourth quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after acquiring an additional 51 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Snowflake by 34.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after purchasing an additional 52 shares during the period. Park Avenue Securities LLC increased its position in shares of Snowflake by 0.5% during the 1st quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock valued at $2,179,000 after purchasing an additional 70 shares during the last quarter. Covestor Ltd raised its holdings in Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after buying an additional 70 shares during the period. Finally, IAM Advisory LLC lifted its position in Snowflake by 2.0% in the first quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock worth $600,000 after buying an additional 74 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Company Profile

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.