Snowflake (NYSE:SNOW) Trading Up 1.1%

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SNOW. Needham & Company LLC reduced their price objective on shares of Snowflake from $265.00 to $240.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. Macquarie raised Snowflake from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $182.00 to $205.00 in a research report on Thursday, February 29th. KeyCorp initiated coverage on shares of Snowflake in a research note on Thursday, April 11th. They set an “overweight” rating and a $185.00 target price for the company. JPMorgan Chase & Co. cut their price target on shares of Snowflake from $200.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, February 29th. Finally, Citigroup decreased their price objective on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a report on Monday, March 4th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $202.00.

Snowflake Price Performance

The stock’s 50-day moving average is $177.80 and its 200 day moving average is $179.00. The company has a market cap of $48.61 billion, a PE ratio of -57.04 and a beta of 0.91.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, beating 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 firm had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. On average, analysts expect that Snowflake Inc. will post -1.9 EPS for the current year.

Insider Buying and Selling at Snowflake

In other news, CRO Christopher William Degnan sold 2,346 shares of Snowflake stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $203.28, for a total transaction of $476,894.88. Following the completion of the sale, the executive now directly owns 102,007 shares in the company, valued at $20,735,982.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Christian Kleinerman sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $156.38, for a total value of $234,570.00. Following the transaction, the executive vice president now owns 774,097 shares in the company, valued at approximately $121,053,288.86. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CRO Christopher William Degnan sold 2,346 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $203.28, for a total transaction of $476,894.88. Following the transaction, the executive now directly owns 102,007 shares of the company’s stock, valued at $20,735,982.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 180,555 shares of company stock worth $36,868,487. 8.30% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted 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 purchasing an additional 1,559,830 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Snowflake by 3.1% in the 1st quarter. BlackRock Inc. now owns 13,414,226 shares of the company’s stock valued at $2,069,681,000 after buying an additional 400,044 shares during the period. FMR LLC boosted its stake in shares of Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after buying an additional 1,496,235 shares during the last quarter. State Street Corp grew its holdings in Snowflake by 3.0% during the first quarter. State Street Corp now owns 5,782,936 shares of the company’s stock worth $892,229,000 after acquiring an additional 165,875 shares during the period. Finally, Sands Capital Management LLC grew its holdings in Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after acquiring an additional 610,970 shares during the period. Institutional investors and hedge funds 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.