Snowflake (NYSE:SNOW) Stock Price Up 0.5%

Shares of Snowflake Inc. (NYSE:SNOW) were up 0.5% during trading on Monday . The company traded as high as $161.44 and last traded at $160.14. Approximately 846,171 shares traded hands during trading, a decline of 87% from the average daily volume of 6,306,409 shares. The stock had previously closed at $159.32.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Citigroup lowered their price objective on Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a report on Monday, March 4th. Bank of America dropped their price target on Snowflake from $265.00 to $212.00 and set a “neutral” rating for the company in a research report on Thursday, February 29th. 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. Macquarie upgraded Snowflake from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $182.00 to $205.00 in a report on Thursday, February 29th. Finally, BNP Paribas upgraded Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 target price for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $202.77.

Snowflake Stock Up 2.7 %

The stock has a market cap of $54.71 billion, a price-to-earnings ratio of -64.20 and a beta of 0.90. The business’s fifty day moving average is $161.85 and its two-hundred day moving average is $179.19.

Snowflake (NYSE:SNOW) last posted 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 business had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. As a group, sell-side analysts expect that Snowflake Inc. will post -1.9 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In other news, CEO Sridhar Ramaswamy acquired 31,542 shares of the company’s stock in a transaction on Monday, March 25th. The shares were bought at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the transaction, the chief executive officer now owns 31,542 shares in the company, valued at approximately $5,000,037.84. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Snowflake news, CEO Sridhar Ramaswamy purchased 31,542 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was bought at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the acquisition, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $156.56, for a total value of $2,001,149.92. Following the completion of the transaction, the executive now owns 354,954 shares in the company, valued at approximately $55,571,598.24. The disclosure for this sale can be found here. Insiders have sold 158,458 shares of company stock valued at $31,585,640 in the last quarter. Corporate insiders own 8.30% of the company’s stock.

Institutional Trading of Snowflake

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Snowflake by 8.0% in the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after purchasing an additional 1,559,830 shares during the period. Jennison Associates LLC boosted its holdings in shares of Snowflake by 3.7% in the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after acquiring an additional 249,249 shares during the period. FMR LLC grew its position in shares of Snowflake by 32.1% during the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after acquiring an additional 1,496,235 shares during the last quarter. Sands Capital Management LLC increased its holdings in shares of Snowflake by 12.6% in the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after acquiring an additional 610,970 shares during the period. Finally, Norges Bank purchased a new stake in Snowflake in the 4th quarter valued at $838,455,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.