Snowflake (NYSE:SNOW) Trading Down 7.7% – What’s Next?

Snowflake Inc. (NYSE:SNOW)’s stock price traded down 7.7% on Thursday . The stock traded as low as $196.79 and last traded at $199.3210. 7,977,017 shares changed hands during trading, an increase of 80% from the average session volume of 4,426,650 shares. The stock had previously closed at $216.00.

Wall Street Analyst Weigh In

Several analysts have commented on SNOW shares. DA Davidson restated a “buy” rating and set a $300.00 target price on shares of Snowflake in a report on Monday, December 1st. Cantor Fitzgerald increased their price objective on shares of Snowflake from $275.00 to $278.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. JMP Securities boosted their price objective on shares of Snowflake from $283.00 to $325.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 28th. Monness Crespi & Hardt upped their target price on shares of Snowflake from $260.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. Finally, KeyCorp upped their price objective on Snowflake from $275.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $275.58.

Snowflake Trading Down 7.7%

The business’s 50 day simple moving average is $225.08 and its 200 day simple moving average is $228.25. The stock has a market cap of $68.21 billion, a price-to-earnings ratio of -49.34 and a beta of 1.14. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.07.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the firm earned $0.20 EPS. Snowflake’s quarterly revenue was up 28.7% compared to the same quarter last year. On average, research analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $219.90, for a total value of $2,199,000.00. Following the sale, the executive vice president owned 471,351 shares in the company, valued at approximately $103,650,084.90. This represents a 2.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction on 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 of the company’s stock, valued at approximately $5,334,600.36. This trade represents a 1.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 618,681 shares of company stock valued at $137,427,145. Company insiders own 6.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds have recently modified their holdings of SNOW. Trust Co. of Toledo NA OH bought a new stake in shares of Snowflake during the second quarter worth approximately $25,000. Avion Wealth boosted its stake in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after purchasing an additional 49 shares during the period. Grey Fox Wealth Advisors LLC acquired a new position in Snowflake in the 3rd quarter valued at $25,000. Tripletail Wealth Management LLC acquired a new position in Snowflake in the 3rd quarter valued at $28,000. Finally, Rossby Financial LCC increased its position in Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after buying an additional 127 shares during the period. Institutional investors and hedge funds 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.