Snowflake (NYSE:SNOW) Trading Down 1.2% – Time to Sell?

Snowflake Inc. (NYSE:SNOW) dropped 1.2% during trading on Wednesday . The stock traded as low as $218.71 and last traded at $219.39. Approximately 2,221,929 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 5,168,922 shares. The stock had previously closed at $222.05.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SNOW shares. DA Davidson reissued a “buy” rating and issued a $300.00 target price on shares of Snowflake in a research report on Monday, December 1st. Canaccord Genuity Group increased their price objective on Snowflake from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. JMP Securities lifted their price objective on Snowflake from $283.00 to $325.00 and gave the stock a “market outperform” rating in a report on Tuesday, October 28th. Jefferies Financial Group set a $300.00 price target on shares of Snowflake in a research note on Monday, November 24th. Finally, Bank of America raised their target price on shares of Snowflake from $280.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $275.32.

Snowflake Stock Down 1.2%

The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market capitalization of $75.08 billion, a PE ratio of -54.30 and a beta of 1.09. The company’s fifty day simple moving average is $244.94 and its 200-day simple moving average is $228.61.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share 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 the consensus estimate of $1.18 billion. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The company’s quarterly revenue was up 28.7% on a year-over-year basis. During the same quarter last year, the company earned $0.20 earnings per share. On average, analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Transactions at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction dated 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 sale, the director directly owned 32,756 shares in the company, valued at $7,555,171.40. This trade represents a 60.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 200,000 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $221.83, for a total transaction of $44,366,000.00. Following the sale, the director owned 50,329 shares in the company, valued at approximately $11,164,482.07. This trade represents a 79.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 401,880 shares of company stock worth $93,291,032 in the last quarter. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Large investors have recently bought and sold shares of the stock. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Snowflake in the 2nd quarter valued at about $6,845,000. Kingstone Capital Partners Texas LLC acquired a new position in Snowflake during the second quarter worth $3,900,134,000. Goldstream Capital Management Ltd purchased a new stake in Snowflake during the second quarter worth about $3,801,000. Newbridge Financial Services Group Inc. boosted its holdings in Snowflake by 81.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 20,141 shares of the company’s stock worth $4,507,000 after buying an additional 9,052 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Snowflake by 2.2% during the second quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company’s stock worth $6,218,515,000 after purchasing an additional 595,553 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.