Snowflake (NYSE:SNOW) Stock Price Up 3.8% – Here’s What Happened

Snowflake Inc. (NYSE:SNOW) shares shot up 3.8% during trading on Tuesday . The company traded as high as $186.58 and last traded at $182.58. 9,379,415 shares traded hands during trading, an increase of 57% from the average session volume of 5,987,414 shares. The stock had previously closed at $175.95.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SNOW. Piper Sandler restated an “overweight” rating and issued a $285.00 price objective on shares of Snowflake in a research note on Thursday, December 4th. UBS Group reiterated a “buy” rating on shares of Snowflake in a report on Thursday, December 4th. Rosenblatt Securities lifted their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, December 1st. Argus raised shares of Snowflake from a “hold” rating to a “buy” rating and set a $300.00 price objective on the stock in a report on Thursday, January 8th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, December 4th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $275.58.

Snowflake Price Performance

The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.07. The stock’s 50-day simple moving average is $214.05 and its two-hundred day simple moving average is $226.33. The company has a market capitalization of $62.48 billion, a price-to-earnings ratio of -45.19 and a beta of 1.14.

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

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 200,000 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $221.83, for a total transaction of $44,366,000.00. Following the transaction, the director directly owned 50,329 shares in the company, valued at approximately $11,164,482.07. The trade was a 79.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $220.44, for a total transaction of $2,601,412.44. Following the completion of the sale, the senior vice president owned 218,020 shares of the company’s stock, valued at approximately $48,060,328.80. The trade was a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 613,681 shares of company stock valued at $130,573,518 in the last 90 days. 6.80% of the stock is owned by company insiders.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Snowflake by 1.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 732,092 shares of the company’s stock worth $165,123,000 after purchasing an additional 8,002 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Snowflake during the second quarter worth about $6,845,000. Federated Hermes Inc. grew its position in Snowflake by 13.5% during the third quarter. Federated Hermes Inc. now owns 408,037 shares of the company’s stock worth $92,047,000 after buying an additional 48,411 shares during the period. Penserra Capital Management LLC increased its holdings in Snowflake by 32.8% in the third quarter. Penserra Capital Management LLC now owns 153,358 shares of the company’s stock valued at $34,586,000 after buying an additional 37,911 shares in the last quarter. Finally, Rheos Capital Works Inc. lifted its position in shares of Snowflake by 102.9% during the 3rd quarter. Rheos Capital Works Inc. now owns 207,000 shares of the company’s stock valued at $46,689,000 after acquiring an additional 105,000 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

About Snowflake

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.