Snowflake (NYSE:SNOW) Shares Down 2.3% – What’s Next?

Snowflake Inc. (NYSE:SNOW)’s share price dropped 2.3% during trading on Friday . The stock traded as low as $225.60 and last traded at $229.42. Approximately 11,664,173 shares changed hands during mid-day trading, an increase of 122% from the average daily volume of 5,242,450 shares. The stock had previously closed at $234.77.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $280.00 price target on shares of Snowflake in a report on Thursday. The Goldman Sachs Group increased their target price on shares of Snowflake from $230.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Stifel Nicolaus raised their target price on shares of Snowflake from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday. Wells Fargo & Company upped their price target on Snowflake from $275.00 to $290.00 and gave the company an “overweight” rating in a report on Thursday. Finally, BTIG Research reiterated a “buy” rating and set a $312.00 price objective on shares of Snowflake in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $275.05.

Snowflake Stock Performance

The firm’s 50-day simple moving average is $251.24 and its two-hundred day simple moving average is $225.91. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $77.73 billion, a PE ratio of -56.79 and a beta of 1.09.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.31 by $0.04. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Snowflake had a negative return on equity of 43.84% and a negative net margin of 30.76%.Snowflake’s revenue was up 28.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.20 earnings per share. On average, equities research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $257.29, for a total transaction of $103,687.87. Following the completion of the sale, the director directly owned 24,927 shares in the company, valued at approximately $6,413,467.83. This trade represents a 1.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $249.53, for a total transaction of $2,495,300.00. Following the completion of the sale, the executive vice president owned 512,450 shares of the company’s stock, valued at approximately $127,871,648.50. The trade was a 1.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 170,564 shares of company stock valued at $41,676,989 over the last three months. 6.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock worth $524,293,000 after acquiring an additional 650,775 shares in the last quarter. CenterBook Partners LP acquired a new position in Snowflake during the first quarter worth $2,381,000. Berkshire Capital Holdings Inc. increased its position in Snowflake by 71,500.0% during the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock worth $1,047,000 after buying an additional 7,150 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new position in Snowflake during the second quarter valued at about $6,845,000. Finally, Kingstone Capital Partners Texas LLC acquired a new stake in shares of Snowflake in the second quarter worth about $3,900,134,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.