Snowflake (NYSE:SNOW) Trading Down 2.3% – Here’s What Happened

Shares of Snowflake Inc. (NYSE:SNOW) traded down 2.3% on Wednesday . The company traded as low as $119.72 and last traded at $119.94. 783,583 shares were traded during trading, a decline of 88% from the average session volume of 6,663,069 shares. The stock had previously closed at $122.74.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SNOW shares. UBS Group decreased their price target on Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. Stifel Nicolaus decreased their target price on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a report on Monday, August 19th. Jefferies Financial Group cut their price target on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. TD Cowen decreased their price target on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, August 19th. Finally, Argus started coverage on Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target of $174.74.

Snowflake Stock Performance

The firm has a market capitalization of $39.92 billion, a P/E ratio of -42.51 and a beta of 0.83. The firm has a 50-day moving average of $116.75 and a 200-day moving average of $133.60.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.52) EPS. On average, research analysts forecast that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now directly owns 53,820 shares of the company’s stock, valued at $6,156,469.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,538 shares of company stock valued at $7,049,994. 7.80% of the stock is owned by company insiders.

Institutional Trading of Snowflake

Several institutional investors and hedge funds have recently modified their holdings of the company. LRI Investments LLC increased its stake in Snowflake by 155.6% in the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new stake in shares of Snowflake during the second quarter worth about $27,000. V Square Quantitative Management LLC bought a new stake in Snowflake during the 3rd quarter valued at approximately $30,000. Riverview Trust Co purchased a new position in Snowflake in the 1st quarter worth approximately $31,000. Finally, Future Financial Wealth Managment LLC bought a new position in Snowflake in the 1st quarter worth approximately $32,000. 65.10% of the stock is currently owned by 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.