Snowflake (NYSE:SNOW) Shares Down 0.1% After Insider Selling

Snowflake Inc. (NYSE:SNOW)’s share price dropped 0.1% on Thursday following insider selling activity. The stock traded as low as $111.35 and last traded at $111.84. Approximately 716,454 shares traded hands during trading, a decline of 89% from the average daily volume of 6,577,831 shares. The stock had previously closed at $112.00.

Specifically, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares in the company, valued at $83,511,651.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SNOW shares. Loop Capital cut their price target on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st. Barclays reduced their price target on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. TD Cowen decreased their price target on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Jefferies Financial Group dropped their price objective on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, Stifel Nicolaus decreased their target price on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Stock Up 0.6 %

The stock has a market cap of $38.06 billion, a P/E ratio of -40.60 and a beta of 0.83. The business’s 50-day simple moving average is $123.48 and its two-hundred day simple moving average is $142.73.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period last year, the firm earned ($0.52) EPS. Analysts anticipate that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

Institutional Trading of Snowflake

Hedge funds and other institutional investors have recently made changes to their positions in the stock. AGF Management Ltd. purchased a new stake in Snowflake in the 4th quarter worth approximately $382,000. Dimensional Fund Advisors LP raised its position in shares of Snowflake by 5.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 199,474 shares of the company’s stock worth $39,697,000 after buying an additional 10,575 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Snowflake by 17.5% during the fourth quarter. Principal Financial Group Inc. now owns 97,788 shares of the company’s stock valued at $19,460,000 after buying an additional 14,542 shares during the period. Avantax Advisory Services Inc. grew its position in Snowflake by 26.4% during the fourth quarter. Avantax Advisory Services Inc. now owns 4,722 shares of the company’s stock worth $940,000 after buying an additional 986 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its position in Snowflake by 26.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 33,529 shares of the company’s stock worth $6,672,000 after buying an additional 7,033 shares in the last quarter. 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.