Snowflake (NYSE:SNOW) Shares Up 1.6%

Snowflake Inc. (NYSE:SNOW)’s stock price traded up 1.6% on Wednesday . The company traded as high as $155.08 and last traded at $153.54. 1,346,214 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 6,527,418 shares. The stock had previously closed at $151.17.

Analyst Ratings Changes

SNOW has been the topic of several research reports. Wedbush lifted their price target on shares of Snowflake from $144.00 to $210.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. Guggenheim raised shares of Snowflake from a “sell” rating to a “neutral” rating in a research report on Friday, March 15th. UBS Group boosted their target price on Snowflake from $185.00 to $225.00 and gave the stock a “neutral” rating in a research report on Thursday, February 22nd. Macquarie raised shares of Snowflake from a “neutral” rating to an “outperform” rating and upped their target price for the company from $182.00 to $205.00 in a report on Thursday, February 29th. Finally, Citigroup dropped their price target on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a research note on Monday, March 4th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus target price of $202.00.

Snowflake Stock Up 2.5 %

The company has a market cap of $51.80 billion, a PE ratio of -60.21 and a beta of 0.91. The stock has a 50-day simple moving average of $174.58 and a 200 day simple moving average of $179.32.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping 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 analysts’ expectations of $759.86 million. As a group, research analysts anticipate that Snowflake Inc. will post -1.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In related news, SVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $220.00, for a total transaction of $2,200,000.00. Following the transaction, the senior vice president now owns 736,567 shares of the company’s stock, valued at $162,044,740. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Frank Slootman sold 86,078 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the transaction, the chief executive officer now directly owns 180,143 shares in the company, valued at $40,555,593.59. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $220.00, for a total value of $2,200,000.00. Following the completion of the transaction, the senior vice president now directly owns 736,567 shares of the company’s stock, valued at $162,044,740. The disclosure for this sale can be found here. Over the last three months, insiders have sold 168,209 shares of company stock worth $34,291,592. 8.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC lifted its position in shares of Snowflake by 22.8% in the 3rd quarter. International Assets Investment Management LLC now owns 2,620 shares of the company’s stock worth $387,000 after buying an additional 486 shares during the last quarter. AE Wealth Management LLC boosted its position in Snowflake by 12.8% during the 3rd quarter. AE Wealth Management LLC now owns 14,790 shares of the company’s stock valued at $2,259,000 after purchasing an additional 1,674 shares during the period. HB Wealth Management LLC increased its position in Snowflake by 13.8% in the third quarter. HB Wealth Management LLC now owns 2,322 shares of the company’s stock worth $355,000 after buying an additional 281 shares during the period. RFG Advisory LLC increased its holdings in shares of Snowflake by 9.9% in the 3rd quarter. RFG Advisory LLC now owns 2,035 shares of the company’s stock worth $311,000 after acquiring an additional 184 shares during the period. Finally, Exchange Traded Concepts LLC increased its stake in shares of Snowflake by 123.3% in the third quarter. Exchange Traded Concepts LLC now owns 8,438 shares of the company’s stock valued at $1,289,000 after purchasing an additional 4,660 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.