Snowflake (NYSE:SNOW) Trading Down 2.8%

Snowflake Inc. (NYSE:SNOW)’s share price fell 2.8% during trading on Wednesday . The stock traded as low as $133.53 and last traded at $133.63. 1,426,408 shares were traded during mid-day trading, a decline of 78% from the average session volume of 6,577,550 shares. The stock had previously closed at $137.46.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SNOW. Canaccord Genuity Group lowered their price target on Snowflake from $230.00 to $215.00 and set a “buy” rating on the stock in a report on Friday, May 24th. UBS Group upped their price target on Snowflake from $185.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, May 23rd. Rosenblatt Securities reaffirmed a “buy” rating and set a $195.00 price target on shares of Snowflake in a report on Thursday, June 6th. Monness Crespi & Hardt raised Snowflake from a “sell” rating to a “neutral” rating in a report on Monday, March 18th. Finally, JMP Securities reiterated a “market outperform” rating and set a $235.00 price objective on shares of Snowflake in a research report on Tuesday, June 4th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.46.

Snowflake Trading Down 2.1 %

The stock has a market capitalization of $45.03 billion, a P/E ratio of -47.72 and a beta of 0.85. The stock has a 50 day moving average of $144.04 and a 200-day moving average of $170.30.

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

Insider Activity

In other news, EVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction on Monday, April 15th. The stock was sold at an average price of $156.38, for a total value of $234,570.00. Following the transaction, the executive vice president now directly owns 774,097 shares in the company, valued at approximately $121,053,288.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $156.38, for a total value of $234,570.00. Following the completion of the sale, the executive vice president now owns 774,097 shares of the company’s stock, valued at approximately $121,053,288.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the sale, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The disclosure for this sale can be found here. In the last three months, insiders have sold 534,960 shares of company stock worth $67,198,020. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

A number of institutional investors have recently made changes to their positions in SNOW. Choreo LLC lifted its position in Snowflake by 18.6% during the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock worth $1,336,000 after acquiring an additional 1,294 shares during the period. Trexquant Investment LP lifted its position in Snowflake by 266.3% during the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock worth $2,089,000 after acquiring an additional 7,633 shares during the period. Ridgewood Investments LLC acquired a new stake in Snowflake during the 1st quarter worth about $244,000. Congress Wealth Management LLC DE acquired a new stake in Snowflake during the 4th quarter worth about $232,000. Finally, Riverview Trust Co acquired a new stake in Snowflake during the 1st quarter worth about $31,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.