Snowflake (NYSE:SNOW) Trading Up 1.4% – Here’s What Happened

Snowflake Inc. (NYSE:SNOW) shot up 1.4% during mid-day trading on Friday . The company traded as high as $216.10 and last traded at $210.66. 5,062,122 shares were traded during trading, an increase of 8% from the average session volume of 4,703,219 shares. The stock had previously closed at $207.74.

Analyst Ratings Changes

Several research firms have recently commented on SNOW. KeyCorp upped their price target on Snowflake from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. Bank of America upped their price objective on shares of Snowflake from $280.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. BTIG Research reaffirmed a “buy” rating and issued a $312.00 target price on shares of Snowflake in a report on Thursday, December 4th. The Goldman Sachs Group set a $286.00 price target on shares of Snowflake in a report on Monday. Finally, Raymond James Financial set a $250.00 price objective on shares of Snowflake in a research report on Monday, December 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.58.

Snowflake Trading Up 1.4%

The firm has a market cap of $72.09 billion, a price-to-earnings ratio of -52.14 and a beta of 1.14. The business has a fifty day moving average of $234.13 and a two-hundred day moving average of $228.74. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.37 and a current ratio of 1.37.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.Snowflake’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 earnings per share. As a group, equities analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $249.53, for a total value of $2,495,300.00. Following the sale, the executive vice president owned 512,450 shares of the company’s stock, valued at approximately $127,871,648.50. This represents a 1.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $230.65, for a total value of $11,610,459.70. Following the transaction, the director directly owned 32,756 shares of the company’s stock, valued at $7,555,171.40. The trade was a 60.58% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 418,681 shares of company stock worth $96,073,145. 6.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snowflake

Large investors have recently added to or reduced their stakes in the business. Trust Co. of Toledo NA OH acquired a new position in shares of Snowflake during the 2nd quarter valued at about $25,000. Avion Wealth increased its position in Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after purchasing an additional 49 shares during the last quarter. Grey Fox Wealth Advisors LLC acquired a new position in Snowflake during the third quarter worth approximately $25,000. Tripletail Wealth Management LLC purchased a new position in Snowflake during the third quarter worth approximately $28,000. Finally, Rossby Financial LCC boosted its holdings in shares of Snowflake by 4,233.3% in the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 127 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.