Snowflake (NYSE:SNOW) Shares Up 1.1%

Snowflake Inc. (NYSE:SNOW) shot up 1.1% during trading on Thursday . The stock traded as high as $150.90 and last traded at $150.43. 1,378,554 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 6,645,126 shares. The stock had previously closed at $148.80.

Analysts Set New Price Targets

Several research firms have recently commented on SNOW. UBS Group lifted their price target on shares of Snowflake from $185.00 to $225.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. JMP Securities raised their price target on shares of Snowflake from $212.00 to $235.00 and gave the company a “market outperform” rating in a research note on Thursday, February 29th. Needham & Company LLC reduced their price objective on Snowflake from $265.00 to $240.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Guggenheim raised Snowflake from a “sell” rating to a “neutral” rating in a report on Friday, March 15th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $175.00 target price (down previously from $230.00) on shares of Snowflake in a research note on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $202.00.

Snowflake Trading Up 0.1 %

The stock has a market capitalization of $49.78 billion, a price-to-earnings ratio of -58.99 and a beta of 0.91. The stock has a 50-day simple moving average of $181.05 and a 200 day simple moving average of $179.26.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The company had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. Sell-side analysts expect that Snowflake Inc. will post -1.9 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other news, CEO Sridhar Ramaswamy purchased 31,542 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was bought at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the purchase, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Sridhar Ramaswamy acquired 31,542 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were acquired at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the purchase, the chief executive officer now owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Frank Slootman sold 86,078 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $225.13, for a total value of $19,378,740.14. Following the completion of the transaction, the chief executive officer now directly owns 180,143 shares in the company, valued at $40,555,593.59. The disclosure for this sale can be found here. Insiders sold 180,555 shares of company stock valued at $36,868,487 in the last three months. Corporate insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SNOW. PNC Financial Services Group Inc. grew its holdings in Snowflake by 79.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,293 shares of the company’s stock valued at $984,000 after buying an additional 1,897 shares during the last quarter. MetLife Investment Management LLC acquired a new stake in Snowflake in the 1st quarter valued at approximately $2,880,000. Panagora Asset Management Inc. grew its holdings in Snowflake by 24.8% in the 1st quarter. Panagora Asset Management Inc. now owns 2,718 shares of the company’s stock valued at $623,000 after buying an additional 540 shares during the last quarter. Raymond James Trust N.A. acquired a new stake in Snowflake in the 1st quarter valued at approximately $362,000. Finally, Cibc World Market Inc. grew its holdings in Snowflake by 37.2% in the 1st quarter. Cibc World Market Inc. now owns 13,959 shares of the company’s stock valued at $3,198,000 after buying an additional 3,783 shares during the last quarter. 65.10% of the stock is 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.