Snowflake (NYSE:SNOW) Shares Up 2.4%

Shares of Snowflake Inc. (NYSE:SNOW) rose 2.4% during trading on Thursday . The company traded as high as $142.10 and last traded at $140.85. Approximately 1,727,551 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 6,574,208 shares. The stock had previously closed at $137.50.

Wall Street Analyst Weigh In

SNOW has been the topic of a number of research analyst reports. The Goldman Sachs Group restated a “buy” rating and set a $220.00 price objective on shares of Snowflake in a research report on Monday, July 1st. Wells Fargo & Company lowered their price target on Snowflake from $225.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, June 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Snowflake in a report on Monday. Barclays increased their target price on Snowflake from $188.00 to $191.00 and gave the company an “equal weight” rating in a report on Thursday, May 23rd. Finally, Piper Sandler restated an “overweight” rating and set a $240.00 price target on shares of Snowflake in a research note on Wednesday, June 5th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $199.46.

Snowflake Stock Up 0.5 %

The stock’s 50 day moving average is $143.67 and its 200-day moving average is $170.07. The company has a market cap of $46.26 billion, a PE ratio of -50.30 and a beta of 0.85.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.40). Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The business had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. On average, analysts anticipate that Snowflake Inc. will post -2.28 EPS for the current fiscal year.

Insider Activity

In other Snowflake news, EVP Grzegorz Czajkowski sold 469,120 shares of Snowflake stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the completion of the transaction, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at $60,922,410.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Grzegorz Czajkowski sold 469,120 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the sale, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benoit Dageville sold 558 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the transaction, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The disclosure for this sale can be found here. Insiders sold 534,960 shares of company stock valued at $67,198,020 in the last ninety days. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Industry Ventures L.L.C. purchased a new position in shares of Snowflake during the second quarter worth approximately $595,000. Legal Advantage Investments Inc. increased its holdings in Snowflake by 33.3% during the 2nd quarter. Legal Advantage Investments Inc. now owns 2,000 shares of the company’s stock worth $270,000 after purchasing an additional 500 shares during the period. MADDEN SECURITIES Corp raised its position in Snowflake by 147.0% during the 2nd quarter. MADDEN SECURITIES Corp now owns 15,230 shares of the company’s stock valued at $2,057,000 after purchasing an additional 9,064 shares in the last quarter. Linden Thomas Advisory Services LLC bought a new stake in Snowflake during the 2nd quarter valued at $1,395,000. Finally, CWM LLC lifted its holdings in shares of Snowflake by 19.6% in the 2nd quarter. CWM LLC now owns 121,281 shares of the company’s stock worth $16,384,000 after buying an additional 19,917 shares during the period. 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.