Snowflake (NYSE:SNOW) Stock Price Down 1.1% After Insider Selling

Snowflake Inc. (NYSE:SNOW)’s share price traded down 1.1% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $149.11 and last traded at $150.30. 4,705,665 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 5,239,566 shares. The stock had previously closed at $151.98.

Specifically, insider Benoit Dageville sold 689 shares of Snowflake stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the transaction, the insider now directly owns 70,665 shares of the company’s stock, valued at approximately $11,406,744.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Snowflake news, insider Benoit Dageville sold 689 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $111,218.38. Following the sale, the insider now directly owns 70,665 shares in the company, valued at $11,406,744.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $210.00, for a total transaction of $2,100,000.00. Following the completion of the transaction, the senior vice president now owns 746,567 shares of the company’s stock, valued at $156,779,070. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 180,555 shares of company stock worth $36,868,487. Company insiders own 8.30% of the company’s stock.

Wall Street Analysts Forecast Growth

SNOW has been the topic of several recent analyst reports. Royal Bank of Canada decreased their price target on Snowflake from $255.00 to $246.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Raymond James boosted their target price on Snowflake from $190.00 to $223.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. Canaccord Genuity Group restated a “buy” rating and issued a $230.00 price target on shares of Snowflake in a research note on Thursday, February 29th. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 price objective (down from $230.00) on shares of Snowflake in a research report on Thursday, February 29th. Finally, Truist Financial dropped their price objective on shares of Snowflake from $250.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Trading Down 0.2 %

The business has a 50-day moving average of $179.56 and a 200 day moving average of $179.04. The firm has a market capitalization of $49.61 billion, a P/E ratio of -58.22 and a beta of 0.91.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The firm had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. As a group, research analysts forecast that Snowflake Inc. will post -1.9 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SNOW. Cigna Investments Inc. New lifted its holdings in shares of Snowflake by 1.6% in the fourth quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock valued at $656,000 after purchasing an additional 51 shares in the last quarter. E&G Advisors LP grew its stake in shares of Snowflake by 3.0% in the 4th quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock worth $352,000 after acquiring an additional 51 shares in the last quarter. Commerce Bank raised its holdings in shares of Snowflake by 0.8% in the fourth quarter. Commerce Bank now owns 6,138 shares of the company’s stock valued at $1,221,000 after purchasing an additional 51 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in Snowflake by 34.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after purchasing an additional 52 shares during the last quarter. Finally, Valley National Advisers Inc. grew its position in Snowflake by 18.1% in the 4th quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock worth $68,000 after purchasing an additional 53 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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, as well as applies artificial intelligence (AI) for solving business problems.