Snowflake (NYSE:SNOW) Stock Price Down 0.1% on Insider Selling

Snowflake Inc. (NYSE:SNOW)’s share price traded down 0.1% during trading on Thursday following insider selling activity. The company traded as low as $111.35 and last traded at $111.84. 716,454 shares changed hands during trading, a decline of 89% from the average session volume of 6,577,831 shares. The stock had previously closed at $112.00.

Specifically, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at $83,511,651.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SNOW. Wedbush cut their price objective on shares of Snowflake from $210.00 to $140.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Canaccord Genuity Group reduced their price target on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Evercore ISI lowered their price objective on Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Barclays decreased their price target on Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Finally, Bank of America cut their price objective on Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $176.03.

Snowflake Price Performance

The business’s 50 day simple moving average is $124.67 and its 200 day simple moving average is $143.76. The company has a market capitalization of $37.60 billion, a price-to-earnings ratio of -39.94 and a beta of 0.84.

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

Institutional Investors Weigh In On Snowflake

Several large investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. increased its stake in Snowflake by 27.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,342 shares of the company’s stock valued at $451,000 after buying an additional 722 shares during the period. Heritage Wealth Management Inc. purchased a new stake in shares of Snowflake in the second quarter valued at about $530,000. Sanctuary Advisors LLC acquired a new position in shares of Snowflake during the second quarter worth about $3,352,000. Strategic Investment Solutions Inc. IL acquired a new stake in Snowflake in the second quarter valued at about $142,000. Finally, Cetera Investment Advisers lifted its position in Snowflake by 8.0% in the second quarter. Cetera Investment Advisers now owns 68,800 shares of the company’s stock valued at $9,294,000 after purchasing an additional 5,112 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.