Snowflake (NYSE:SNOW) Shares Gap Down – Here’s What Happened

Shares of Snowflake Inc. (NYSE:SNOW) gapped down before the market opened on Thursday . The stock had previously closed at $216.00, but opened at $205.23. Snowflake shares last traded at $197.9680, with a volume of 3,042,693 shares trading hands.

Analyst Ratings Changes

Several research firms have recently issued reports on SNOW. Stifel Nicolaus upped their price objective on Snowflake from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, December 4th. Scotiabank restated an “outperform” rating on shares of Snowflake in a research report on Thursday, December 4th. Bank of America raised their price target on shares of Snowflake from $280.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Oppenheimer reissued an “outperform” rating on shares of Snowflake in a research note on Friday, November 21st. Finally, Wells Fargo & Company increased their price objective on Snowflake from $275.00 to $290.00 and gave the company an “overweight” rating in a report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $275.58.

Snowflake Price Performance

The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.37 and a current ratio of 1.37. The business has a 50 day moving average price of $225.08 and a 200-day moving average price of $228.25. The company has a market capitalization of $67.72 billion, a price-to-earnings ratio of -49.22 and a beta of 1.14.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the company posted $0.20 earnings per share. The firm’s revenue for the quarter was up 28.7% on a year-over-year basis. Research analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Vivek Raghunathan sold 11,801 shares of the company’s stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $220.44, for a total transaction of $2,601,412.44. Following the transaction, the senior vice president owned 218,020 shares in the company, valued at approximately $48,060,328.80. This represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $221.16, for a total transaction of $89,127.48. Following the transaction, the director directly owned 24,121 shares in the company, valued at $5,334,600.36. This trade represents a 1.64% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 618,681 shares of company stock valued at $137,427,145. 6.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

Hedge funds and other institutional investors have recently modified their holdings of the company. Trust Co. of Toledo NA OH bought a new position in shares of Snowflake in the 2nd quarter worth $25,000. Avion Wealth raised its holdings in Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after buying an additional 49 shares during the last quarter. Grey Fox Wealth Advisors LLC bought a new position in shares of Snowflake in the third quarter valued at $25,000. Tripletail Wealth Management LLC acquired a new position in shares of Snowflake during the third quarter valued at about $28,000. Finally, Rossby Financial LCC increased its position in shares of Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after acquiring an additional 127 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.