Snowflake (NYSE:SNOW) Stock Price Up 1.9% Following Insider Buying Activity

Snowflake Inc. (NYSE:SNOW) was up 1.9% on Thursday following insider buying activity. The company traded as high as $165.89 and last traded at $163.11. Approximately 3,873,537 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 7,029,214 shares. The stock had previously closed at $160.04.

Specifically, insider Benoit Dageville sold 8,515 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the completion of the sale, the insider now directly owns 55,216 shares in the company, valued at $8,627,500. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CRO Christopher William Degnan sold 3,800 shares of the firm’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $200.13, for a total value of $760,494.00. Following the sale, the executive now owns 102,007 shares in the company, valued at $20,414,660.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the completion of the sale, the insider now owns 55,216 shares in the company, valued at approximately $8,627,500. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 184,355 shares of company stock worth $37,679,411. Corporate insiders own 8.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on SNOW shares. TD Cowen raised their price objective on shares of Snowflake from $215.00 to $230.00 and gave the company an “outperform” rating in a research report on Monday, December 11th. Piper Sandler reissued an “overweight” rating and issued a $250.00 price objective on shares of Snowflake in a research report on Tuesday, February 27th. Wedbush boosted their price target on shares of Snowflake from $144.00 to $210.00 and gave the company a “neutral” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. reduced their price objective on shares of Snowflake from $200.00 to $170.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. Finally, Guggenheim raised shares of Snowflake from a “sell” rating to a “neutral” rating in a report on Friday, March 15th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $202.50.

Snowflake Trading Up 1.8 %

The stock has a market capitalization of $53.63 billion, a price-to-earnings ratio of -63.96 and a beta of 0.94. The stock’s 50 day moving average is $195.94 and its 200 day moving average is $179.43.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. The firm had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.80%. On average, sell-side analysts anticipate that Snowflake Inc. will post -1.92 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNOW. PNC Financial Services Group Inc. lifted its holdings in shares of Snowflake by 79.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,293 shares of the company’s stock worth $984,000 after acquiring an additional 1,897 shares during the period. MetLife Investment Management LLC purchased a new position in Snowflake in the first quarter valued at approximately $2,880,000. Panagora Asset Management Inc. raised its holdings in Snowflake by 24.8% in the first quarter. Panagora Asset Management Inc. now owns 2,718 shares of the company’s stock valued at $623,000 after buying an additional 540 shares during the period. Raymond James Trust N.A. purchased a new position in Snowflake in the first quarter valued at approximately $362,000. Finally, Cibc World Market Inc. grew its position in Snowflake by 37.2% in the first quarter. Cibc World Market Inc. now owns 13,959 shares of the company’s stock valued at $3,198,000 after acquiring an additional 3,783 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Company Profile

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.