Snowflake (NYSE:SNOW) Stock Price Down 3.1% After Insider Selling

Snowflake Inc. (NYSE:SNOWGet Free Report) shares traded down 3.1% on Tuesday following insider selling activity. The company traded as low as $136.81 and last traded at $137.25. 2,166,647 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 6,583,394 shares. The stock had previously closed at $141.57.

Specifically, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total transaction of $241,725.00. Following the completion of the transaction, the executive vice president now owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Snowflake news, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the sale, the insider now directly owns 63,222 shares in the company, valued at approximately $8,112,014.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total transaction of $241,725.00. Following the transaction, the executive vice president now directly owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The disclosure for this sale can be found here. Insiders sold a total of 534,960 shares of company stock valued at $67,198,020 in the last quarter. Insiders own 7.80% of the company’s stock.

Analyst Ratings Changes

SNOW has been the subject of several recent research reports. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $220.00 price target on shares of Snowflake in a report on Monday, July 1st. Robert W. Baird decreased their price target on shares of Snowflake from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. StockNews.com downgraded shares of Snowflake from a “hold” rating to a “sell” rating in a report on Friday, May 24th. JPMorgan Chase & Co. increased their price target on shares of Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Finally, Scotiabank decreased their price objective on Snowflake from $207.00 to $195.00 and set a “sector outperform” rating on the stock in a report on Thursday, May 23rd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $199.46.

Get Our Latest Analysis on Snowflake

Snowflake Stock Performance

The company has a market capitalization of $46.03 billion, a price-to-earnings ratio of -49.10 and a beta of 0.85. The business’s 50-day simple moving average is $143.67 and its 200-day simple moving average is $170.07.

Snowflake (NYSE:SNOWGet Free Report) last announced its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.40). Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The business had revenue of $828.71 million during the quarter, compared to analyst estimates of $786.95 million. On average, analysts forecast that Snowflake Inc. will post -2.28 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Accent Capital Management LLC acquired a new stake in Snowflake in the fourth quarter worth $25,000. LRI Investments LLC bought a new position in Snowflake during the first quarter worth about $29,000. FinTrust Capital Advisors LLC grew its stake in Snowflake by 193.9% in the fourth quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock valued at $39,000 after acquiring an additional 128 shares during the period. Riverview Trust Co bought a new stake in shares of Snowflake in the first quarter worth about $31,000. Finally, M&R Capital Management Inc. raised its position in shares of Snowflake by 100.0% during the fourth quarter. M&R Capital Management Inc. now owns 200 shares of the company’s stock worth $40,000 after purchasing an additional 100 shares during the period. 65.10% of the stock is currently owned by institutional investors.

Snowflake Company Profile

(Get Free Report)

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.

Further Reading

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