Snowflake Sees Unusually High Options Volume (NYSE:SNOW)

Snowflake Inc. (NYSE:SNOW) was the recipient of unusually large options trading activity on Tuesday. Stock investors acquired 79,928 call options on the stock. This represents an increase of approximately 37% compared to the average volume of 58,514 call options.

Insider Transactions at Snowflake

In other news, CFO Michael Scarpelli sold 300,000 shares of Snowflake stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at approximately $47,756,878.10. This trade represents a 50.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $129.25, for a total transaction of $52,087.75. Following the completion of the sale, the director now directly owns 26,375 shares of the company’s stock, valued at approximately $3,408,968.75. This trade represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 356,963 shares of company stock worth $58,204,058 in the last quarter. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several large investors have recently added to or reduced their stakes in SNOW. Opal Wealth Advisors LLC purchased a new position in Snowflake during the first quarter worth about $26,000. Stonebridge Financial Group LLC purchased a new position in shares of Snowflake in the 4th quarter worth about $29,000. CVA Family Office LLC raised its holdings in shares of Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after purchasing an additional 88 shares during the period. West Paces Advisors Inc. purchased a new position in shares of Snowflake in the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Snowflake in the 4th quarter worth about $31,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Up 3.1%

SNOW traded up $6.14 during trading on Tuesday, hitting $206.19. The company’s stock had a trading volume of 9,628,003 shares, compared to its average volume of 6,486,762. Snowflake has a twelve month low of $107.13 and a twelve month high of $208.22. The stock has a market cap of $68.06 billion, a PE ratio of -60.82 and a beta of 1.11. The firm’s 50 day moving average price is $160.09 and its 200-day moving average price is $164.69. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the business earned $0.14 earnings per share. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. On average, analysts expect that Snowflake will post -2.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on SNOW. Macquarie increased their price objective on Snowflake from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, May 22nd. HSBC cut Snowflake from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Jefferies Financial Group raised their target price on Snowflake from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, May 20th. Mizuho raised their target price on Snowflake from $205.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, May 22nd. Finally, UBS Group raised their target price on Snowflake from $200.00 to $210.00 and gave the company a “neutral” rating in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, thirty-one have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $217.33.

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.