Snowflake (NYSE:SNOW) Stock Price Down 2.8%

Snowflake Inc. (NYSE:SNOW) shares were down 2.8% on Thursday . The company traded as low as $149.55 and last traded at $150.61. Approximately 1,152,432 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 6,493,856 shares. The stock had previously closed at $154.99.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SNOW shares. StockNews.com lowered shares of Snowflake from a “hold” rating to a “sell” rating in a report on Monday, April 22nd. UBS Group boosted their price objective on shares of Snowflake from $185.00 to $225.00 and gave the stock a “neutral” rating in a report on Thursday, February 22nd. Citigroup lowered their price objective on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a report on Monday, March 4th. Rosenblatt Securities upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $185.00 price objective for the company in a report on Friday, April 5th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $230.00 price objective on shares of Snowflake in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $202.00.

Snowflake Stock Performance

The firm has a 50-day moving average price of $169.91 and a two-hundred day moving average price of $178.94.

Snowflake (NYSE:SNOW) last released its quarterly 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. The company had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. Research analysts forecast that Snowflake Inc. will post -1.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In related news, insider Benoit Dageville sold 8,515 shares of Snowflake stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following 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 can be accessed through this link. In related news, insider Benoit Dageville sold 8,515 shares of Snowflake stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following 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 can be accessed through this link. Also, EVP Grzegorz Czajkowski sold 683 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $110,249.86. Following the sale, the executive vice president now owns 86,208 shares in the company, valued at $13,915,695.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 168,209 shares of company stock worth $34,291,592. 8.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently made changes to their positions in SNOW. Rakuten Securities Inc. acquired a new position in Snowflake in the fourth quarter valued at $790,000. Sequoia Financial Advisors LLC increased its stake in Snowflake by 209.3% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock valued at $927,000 after purchasing an additional 3,152 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Snowflake in the third quarter valued at $458,000. Glynn Capital Management LLC increased its stake in Snowflake by 3.1% in the third quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock valued at $28,786,000 after purchasing an additional 5,629 shares during the last quarter. Finally, Raymond James & Associates increased its stake in Snowflake by 55.9% in the fourth quarter. Raymond James & Associates now owns 295,486 shares of the company’s stock valued at $58,802,000 after purchasing an additional 105,937 shares during the last quarter. 65.10% of the stock is 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.