Snowflake (NYSE:SNOW) Trading Down 2.9% – Here’s What Happened

Snowflake Inc. (NYSE:SNOW) fell 2.9% during trading on Monday . The stock traded as low as $161.16 and last traded at $161.43. 1,436,386 shares were traded during mid-day trading, a decline of 79% from the average session volume of 6,754,512 shares. The stock had previously closed at $166.29.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $180.00 price objective on shares of Snowflake in a research note on Tuesday, November 19th. Argus began coverage on shares of Snowflake in a research report on Tuesday, October 1st. They set a “hold” rating for the company. Jefferies Financial Group raised their price objective on Snowflake from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Scotiabank increased their price objective on shares of Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a research report on Monday, December 9th. Finally, Evercore ISI lifted their target price on Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $185.03.

Snowflake Trading Down 2.5 %

The firm has a 50-day moving average of $143.77 and a 200 day moving average of $130.59. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $53.52 billion, a price-to-earnings ratio of -47.83 and a beta of 1.03.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $179.00, for a total value of $99,882.00. Following the completion of the sale, the executive vice president now directly owns 690,647 shares in the company, valued at $123,625,813. This represents a 0.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Christopher William Degnan sold 76,692 shares of Snowflake stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $168.42, for a total value of $12,916,466.64. Following the transaction, the executive now owns 346,741 shares in the company, valued at approximately $58,398,119.22. This trade represents a 18.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 291,753 shares of company stock worth $48,247,621 over the last ninety days. 7.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently modified their holdings of SNOW. LRI Investments LLC boosted its position in shares of Snowflake by 155.6% in the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 112 shares during the period. Groupama Asset Managment acquired a new stake in shares of Snowflake during the third quarter worth approximately $25,000. Wellington Shields Capital Management LLC purchased a new position in Snowflake during the second quarter valued at approximately $27,000. V Square Quantitative Management LLC acquired a new position in Snowflake in the 3rd quarter valued at approximately $30,000. Finally, Fortitude Family Office LLC purchased a new stake in Snowflake in the 3rd quarter worth approximately $34,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.