Snowflake (NYSE:SNOW) Stock Price Up 2.3%

Snowflake Inc. (NYSE:SNOW)’s stock price traded up 2.3% during trading on Monday . The stock traded as high as $131.27 and last traded at $130.93. 1,079,213 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 6,338,570 shares. The stock had previously closed at $128.04.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of recent research reports. Barclays cut their price objective on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a report on Monday. Robert W. Baird cut their price target on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research note on Tuesday. Mizuho lowered their price objective on Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Citigroup cut their target price on Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, StockNews.com lowered Snowflake from a “hold” rating to a “sell” rating in a report on Friday, May 24th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $187.03.

Snowflake Stock Performance

The company has a market cap of $45.20 billion, a price-to-earnings ratio of -48.24 and a beta of 0.85. The stock’s fifty day moving average is $130.08 and its two-hundred day moving average is $155.73.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The firm had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. On average, equities research analysts expect that Snowflake Inc. will post -2.31 EPS for the current year.

Insider Activity

In other news, CAO Emily Ho sold 6,500 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $158.36, for a total transaction of $1,029,340.00. Following the completion of the sale, the chief accounting officer now owns 36,076 shares in the company, valued at approximately $5,712,995.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Snowflake news, CAO Emily Ho sold 6,500 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $158.36, for a total transaction of $1,029,340.00. Following the sale, the chief accounting officer now owns 36,076 shares of the company’s stock, valued at approximately $5,712,995.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the completion of the transaction, the insider now directly owns 63,222 shares of the company’s stock, valued at $8,112,014.82. The disclosure for this sale can be found here. Insiders sold a total of 534,178 shares of company stock valued at $66,520,575 in the last ninety days. 7.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Comerica Bank raised its holdings in shares of Snowflake by 17.2% during the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after buying an additional 4,296 shares in the last quarter. Choreo LLC lifted its holdings in shares of Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock worth $1,336,000 after acquiring an additional 1,294 shares during the last quarter. Trexquant Investment LP boosted its stake in shares of Snowflake by 266.3% in the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock valued at $2,089,000 after purchasing an additional 7,633 shares in the last quarter. Ridgewood Investments LLC bought a new position in shares of Snowflake during the 1st quarter valued at $244,000. Finally, Cetera Investment Advisers raised its position in Snowflake by 201.5% in the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after purchasing an additional 42,563 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.