Snowflake (NYSE:SNOW) Stock Price Down 1%

Snowflake Inc. (NYSE:SNOW) fell 1% during trading on Monday . The stock 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.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SNOW. Canaccord Genuity Group lowered their price objective on shares of Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Sanford C. Bernstein increased their price target on Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a research report on Thursday, May 23rd. Mizuho cut their price target on Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. Macquarie dropped their target price on Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, May 24th. Finally, Scotiabank reduced their price target on shares of Snowflake from $207.00 to $195.00 and set a “sector outperform” rating for the company in a report on Thursday, May 23rd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $197.31.

Snowflake Stock Performance

The company has a market cap of $41.17 billion, a price-to-earnings ratio of -43.70 and a beta of 0.85. The company’s 50 day moving average price is $130.70 and its 200 day moving average price is $159.55.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 22nd. The company reported ($0.88) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $786.95 million. On average, equities research analysts forecast that Snowflake Inc. will post -2.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now owns 718,773 shares in the company, valued at $86,252,760. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the executive vice president now directly owns 718,773 shares in the company, valued at $86,252,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Emily Ho sold 6,500 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $158.36, for a total value of $1,029,340.00. Following the completion of the sale, the chief accounting officer now directly owns 36,076 shares in the company, valued at $5,712,995.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 535,678 shares of company stock worth $66,762,300. 7.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Accent Capital Management LLC bought a new position in Snowflake during the fourth quarter valued at about $25,000. LRI Investments LLC bought a new stake in shares of Snowflake during the first quarter valued at approximately $29,000. FinTrust Capital Advisors LLC lifted its position in Snowflake by 193.9% in the fourth quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock worth $39,000 after purchasing an additional 128 shares during the period. Riverview Trust Co acquired a new stake in Snowflake during the first quarter worth $31,000. Finally, Hartford Financial Management Inc. bought a new stake in Snowflake in the 1st quarter valued at $32,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.