Snowflake (NYSE:SNOW) Shares Down 2.8%

Shares of Snowflake Inc. (NYSE:SNOW) fell 2.8% during mid-day trading on Thursday . The stock traded as low as $149.55 and last traded at $150.61. 1,152,432 shares were traded during mid-day trading, a decline of 82% from the average session volume of 6,493,856 shares. The stock had previously closed at $154.99.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SNOW. Oppenheimer cut their price objective on Snowflake from $240.00 to $220.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Redburn Atlantic restated a “sell” rating and set a $125.00 price target (down previously from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. Stifel Nicolaus cut their price target on Snowflake from $235.00 to $220.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. StockNews.com downgraded Snowflake from a “hold” rating to a “sell” rating in a report on Monday. Finally, KeyCorp began coverage on Snowflake in a report on Thursday, April 11th. They set an “overweight” rating and a $185.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Stock Down 1.6 %

The firm has a fifty day moving average price of $172.95 and a 200-day moving average price of $179.15. The firm has a market cap of $50.97 billion, a price-to-earnings ratio of -59.06 and a beta of 0.91.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Equities research analysts anticipate that Snowflake Inc. will post -1.9 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In related news, insider Benoit Dageville sold 8,515 shares of Snowflake stock in a transaction on Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following the transaction, the insider now owns 55,216 shares in the company, valued at $8,627,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Snowflake news, SVP Christian Kleinerman sold 10,000 shares of the business’s 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 owns 736,567 shares in the company, valued at $162,044,740. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Benoit Dageville sold 8,515 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following the transaction, the insider now owns 55,216 shares in the company, valued at approximately $8,627,500. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,209 shares of company stock worth $34,291,592. 8.30% of the stock is owned by insiders.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after buying an additional 1,559,830 shares during the last quarter. FMR LLC boosted its stake in Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after acquiring an additional 1,496,235 shares during the period. Sands Capital Management LLC boosted its stake in Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after acquiring an additional 610,970 shares during the period. Norges Bank acquired a new position in Snowflake in the fourth quarter valued at approximately $838,455,000. Finally, Northern Trust Corp boosted its stake in Snowflake by 5.4% in the third quarter. Northern Trust Corp now owns 1,882,281 shares of the company’s stock valued at $287,556,000 after acquiring an additional 95,814 shares during the period. 65.10% of the stock is owned by hedge funds and other 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.