Snowflake (NYSE:SNOW) Shares Down 1% Following Insider Selling

Snowflake Inc. (NYSE:SNOW) fell 1% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $220.10 and last traded at $222.9830. 6,105,585 shares were traded during trading, an increase of 16% from the average session volume of 5,250,870 shares. The stock had previously closed at $225.31.

Specifically, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $230.65, for a total transaction of $11,610,459.70. Following the completion of the transaction, the director directly owned 32,756 shares of the company’s stock, valued at $7,555,171.40. This represents a 60.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $230.65, for a total transaction of $92,951.95. Following the completion of the sale, the director directly owned 24,524 shares in the company, valued at $5,656,460.60. This trade represents a 1.62% decrease in their position. The SEC filing for this sale provides additional information. In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 512,450 shares of the company’s stock, valued at approximately $127,871,648.50. This represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analyst Weigh In

SNOW has been the topic of a number of recent research reports. Wedbush reaffirmed an “outperform” rating and set a $270.00 price target on shares of Snowflake in a research report on Thursday, December 4th. Robert W. Baird upped their price objective on shares of Snowflake from $260.00 to $270.00 and gave the company an “outperform” rating in a report on Thursday, December 4th. Rosenblatt Securities increased their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Stifel Nicolaus boosted their price target on shares of Snowflake from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. Finally, Evercore ISI upped their price target on shares of Snowflake from $280.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $274.78.

Snowflake Price Performance

The business’s 50-day moving average price is $251.32 and its 200 day moving average price is $227.03. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $75.55 billion, a P/E ratio of -55.19 and a beta of 1.09.

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

Institutional Investors Weigh In On Snowflake

A number of institutional investors and hedge funds have recently made changes to their positions in SNOW. Total Clarity Wealth Management Inc. increased its position in shares of Snowflake by 2.7% in the third quarter. Total Clarity Wealth Management Inc. now owns 1,508 shares of the company’s stock worth $340,000 after purchasing an additional 40 shares during the last quarter. Diligent Investors LLC boosted its stake in Snowflake by 0.9% in the third quarter. Diligent Investors LLC now owns 4,594 shares of the company’s stock worth $1,036,000 after buying an additional 40 shares in the last quarter. Coastline Trust Co grew its holdings in shares of Snowflake by 1.0% during the 3rd quarter. Coastline Trust Co now owns 4,183 shares of the company’s stock valued at $943,000 after purchasing an additional 42 shares during the last quarter. Capital Advantage Inc. grew its stake in shares of Snowflake by 1.1% during the second quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock valued at $987,000 after buying an additional 48 shares during the last quarter. Finally, Wedbush Securities Inc. grew its position in Snowflake by 1.3% during the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock worth $832,000 after acquiring an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.