Snowflake (NYSE:SNOW) Trading 0.2% Higher

Snowflake Inc. (NYSE:SNOW)’s stock price traded up 0.2% during trading on Thursday . The company traded as high as $159.39 and last traded at $156.46. 804,685 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 6,378,901 shares. The stock had previously closed at $156.14.

Wall Street Analyst Weigh In

SNOW has been the subject of several recent analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $230.00 price objective on shares of Snowflake in a research report on Thursday, February 29th. Bank of America cut their target price on Snowflake from $265.00 to $212.00 and set a “neutral” rating on the stock in a research report on Thursday, February 29th. JPMorgan Chase & Co. dropped their price target on shares of Snowflake from $200.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, February 29th. Truist Financial reduced their price objective on shares of Snowflake from $250.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Finally, Mizuho reissued a “buy” rating and issued a $205.00 price target (down from $255.00) on shares of Snowflake in a research report on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $202.77.

Snowflake Price Performance

The business has a fifty day moving average price of $163.20 and a 200 day moving average price of $178.80. The company has a market capitalization of $53.24 billion, a price-to-earnings ratio of -62.48 and a beta of 0.90.

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

Insider Activity

In related news, SVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $220.00, for a total transaction of $2,200,000.00. Following the transaction, the senior vice president now directly owns 736,567 shares of the company’s stock, valued at $162,044,740. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, SVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $220.00, for a total transaction of $2,200,000.00. Following the sale, the senior vice president now directly owns 736,567 shares of the company’s stock, valued at $162,044,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 689 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the transaction, the insider now owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 168,458 shares of company stock worth $33,785,640. 8.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snowflake

Several hedge funds have recently made changes to their positions in the company. Commonwealth Equity Services LLC boosted its holdings in shares of Snowflake by 6.2% during the third quarter. Commonwealth Equity Services LLC now owns 53,359 shares of the company’s stock worth $8,152,000 after purchasing an additional 3,124 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Snowflake by 28.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 89,735 shares of the company’s stock worth $13,709,000 after buying an additional 19,745 shares during the last quarter. Stratos Wealth Partners LTD. raised its holdings in Snowflake by 139.8% during the third quarter. Stratos Wealth Partners LTD. now owns 4,818 shares of the company’s stock valued at $736,000 after buying an additional 2,809 shares in the last quarter. Stratos Wealth Advisors LLC acquired a new stake in shares of Snowflake in the third quarter worth about $398,000. Finally, Bank of New York Mellon Corp lifted its holdings in Snowflake by 5.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,668,797 shares of the company’s stock worth $254,942,000 after purchasing an additional 79,825 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.