Snowflake (NYSE:SNOW) Stock Price Down 2.3%

Snowflake Inc. (NYSE:SNOW) dropped 2.3% during mid-day trading on Wednesday . The company traded as low as $126.56 and last traded at $127.60. Approximately 5,982,688 shares changed hands during trading, a decline of 30% from the average daily volume of 8,516,272 shares. The stock had previously closed at $130.67.

Analyst Ratings Changes

A number of research firms recently commented on SNOW. Monness Crespi & Hardt upgraded Snowflake from a “sell” rating to a “neutral” rating in a report on Monday, March 18th. JMP Securities reiterated a “market outperform” rating and set a $235.00 price target on shares of Snowflake in a report on Tuesday, June 4th. Scotiabank reduced their price objective on shares of Snowflake from $207.00 to $195.00 and set a “sector outperform” rating on the stock in a report on Thursday, May 23rd. JPMorgan Chase & Co. increased their target price on shares of Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Finally, Citigroup decreased their price objective on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a report on Monday, March 4th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.92.

Snowflake Trading Down 0.8 %

The firm has a market cap of $42.38 billion, a price-to-earnings ratio of -45.21 and a beta of 0.85. The firm’s fifty day moving average price is $148.96 and its 200-day moving average price is $176.18.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The firm had revenue of $828.71 million during the quarter, compared to analysts’ expectations of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. On average, sell-side analysts expect that Snowflake Inc. will post -2.27 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Benoit Dageville sold 558 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the transaction, the insider now owns 63,222 shares of the company’s stock, valued at $8,112,014.82. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Benoit Dageville sold 558 shares of Snowflake stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the sale, the insider now directly owns 63,222 shares in the company, valued at $8,112,014.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sridhar Ramaswamy purchased 31,542 shares of the stock in a transaction dated Monday, March 25th. The shares were bought at an average cost of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the purchase, the chief executive officer now owns 31,542 shares in the company, valued at $5,000,037.84. The disclosure for this purchase can be found here. Insiders have sold a total of 39,862 shares of company stock valued at $5,895,712 over the last quarter. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Snowflake by 1.4% in the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after purchasing an additional 297,428 shares during the last quarter. Jennison Associates LLC grew its holdings in Snowflake by 3.7% during the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after buying an additional 249,249 shares during the last quarter. Sands Capital Management LLC increased its position in Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after buying an additional 610,970 shares in the last quarter. Norges Bank acquired a new position in shares of Snowflake in the fourth quarter worth $838,455,000. Finally, Northern Trust Corp lifted its position in shares of Snowflake by 5.4% in the third quarter. Northern Trust Corp now owns 1,882,281 shares of the company’s stock valued at $287,556,000 after acquiring an additional 95,814 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

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.