Snowflake (NYSE:SNOW) Stock Price Down 1.2% – What’s Next?

Snowflake Inc. (NYSE:SNOW) dropped 1.2% during mid-day trading on Friday . The stock traded as low as $213.95 and last traded at $216.7480. Approximately 3,456,664 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 5,402,396 shares. The stock had previously closed at $219.36.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Monness Crespi & Hardt upped their price target on shares of Snowflake from $260.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, December 4th. Canaccord Genuity Group upped their target price on Snowflake from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. Bank of America lifted their price target on Snowflake from $280.00 to $310.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Macquarie boosted their price objective on Snowflake from $235.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, December 4th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Snowflake in a research note on Friday, November 21st. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.32.

Snowflake Stock Performance

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 company has a 50 day simple moving average of $243.82 and a 200-day simple moving average of $228.48. The firm has a market cap of $74.17 billion, a PE ratio of -53.65 and a beta of 1.14.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data 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 45.91%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the business posted $0.20 EPS. The business’s quarterly revenue was up 28.7% on a year-over-year basis. As a group, equities research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 4,755 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $224.30, for a total value of $1,066,546.50. Following the completion of the sale, the executive vice president owned 536,587 shares of the company’s stock, valued at approximately $120,356,464.10. The trade was a 0.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frank Slootman sold 200,000 shares of the stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $221.83, for a total value of $44,366,000.00. Following the sale, the director owned 50,329 shares of the company’s stock, valued at $11,164,482.07. This represents a 79.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 351,139 shares of company stock valued at $81,300,853. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently bought and sold shares of SNOW. AIA Group Ltd purchased a new stake in shares of Snowflake during the third quarter valued at approximately $638,000. IFP Advisors Inc raised its holdings in Snowflake by 1.9% during the 3rd quarter. IFP Advisors Inc now owns 11,773 shares of the company’s stock valued at $2,655,000 after buying an additional 219 shares during the last quarter. Swiss Life Asset Management Ltd boosted its position in Snowflake by 9.1% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 34,116 shares of the company’s stock valued at $7,695,000 after buying an additional 2,856 shares during the period. Investment Research Partners LLC bought a new stake in Snowflake in the 3rd quarter worth $228,000. Finally, Strategic Advocates LLC purchased a new position in shares of Snowflake in the third quarter valued at about $45,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

About Snowflake

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.