Snowflake (NYSE:SNOW) Trading Down 0.4%

Shares of Snowflake Inc. (NYSE:SNOW) were down 0.4% during trading on Tuesday . The stock traded as low as $113.00 and last traded at $113.77. Approximately 842,850 shares traded hands during trading, a decline of 87% from the average daily volume of 6,670,500 shares. The stock had previously closed at $114.23.

Analysts Set New Price Targets

Several analysts have commented on SNOW shares. Macquarie decreased their price target on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, May 24th. Jefferies Financial Group decreased their price objective on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. DA Davidson decreased their price objective on shares of Snowflake from $230.00 to $175.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Royal Bank of Canada decreased their price objective on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a research report on Wednesday, June 5th. Finally, UBS Group decreased their price objective on shares of Snowflake from $171.00 to $155.00 and set a “neutral” rating for the company in a research report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $176.03.

Snowflake Stock Performance

The firm’s 50 day simple moving average is $127.55 and its 200-day simple moving average is $147.74. The company has a market cap of $37.40 billion, a price-to-earnings ratio of -40.18 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The company had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same quarter in the previous year, the company posted ($0.52) EPS. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. As a group, sell-side analysts expect that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now owns 718,773 shares in the company, valued at approximately $86,252,760. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Michael L. Speiser acquired 76,200 shares of Snowflake stock in a transaction that occurred on Friday, June 7th. The shares were purchased at an average cost of $131.09 per share, for a total transaction of $9,989,058.00. Following the acquisition, the director now owns 1,632,225 shares in the company, valued at $213,968,375.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the executive vice president now owns 718,773 shares in the company, valued at $86,252,760. The disclosure for this sale can be found here. Insiders have sold a total of 512,678 shares of company stock worth $63,434,135 in the last quarter. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Institutional investors and hedge funds have recently bought and sold shares of the stock. Accent Capital Management LLC purchased a new stake in Snowflake in the 4th quarter valued at about $25,000. LRI Investments LLC acquired a new position in Snowflake in the 1st quarter valued at about $29,000. FinTrust Capital Advisors LLC grew its position in Snowflake by 193.9% in the 4th quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock valued at $39,000 after acquiring an additional 128 shares in the last quarter. Riverview Trust Co acquired a new position in Snowflake in the 1st quarter valued at about $31,000. Finally, Hartford Financial Management Inc. acquired a new position in Snowflake in the 1st quarter valued at about $32,000. 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.