Snowflake (NYSE:SNOW) Shares Up 0.6%

Snowflake Inc. (NYSE:SNOW)’s share price rose 0.6% during mid-day trading on Friday . The company traded as high as $117.30 and last traded at $115.95. Approximately 7,226,675 shares traded hands during trading, an increase of 9% from the average daily volume of 6,612,979 shares. The stock had previously closed at $115.21.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of recent research reports. Oppenheimer reaffirmed an “outperform” rating and set a $220.00 price target on shares of Snowflake in a research note on Thursday, May 23rd. Wedbush reduced their target price on shares of Snowflake from $210.00 to $140.00 and set a “neutral” rating on the stock in a research note on Thursday. Rosenblatt Securities reissued a “buy” rating and issued a $195.00 target price on shares of Snowflake in a research note on Monday, August 19th. Citigroup reduced their target price on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, August 20th. Finally, Macquarie reduced their target price on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a research note on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Stock Performance

The firm has a market capitalization of $38.79 billion, a P/E ratio of -41.38 and a beta of 0.85. The business’s fifty day moving average price is $129.74 and its two-hundred day moving average price is $154.20.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The business had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same period last year, the business earned ($0.52) EPS. The company’s revenue was up 28.9% compared to the same quarter last year. Sell-side analysts predict that Snowflake Inc. will post -2.31 earnings per share for the current year.

Insider Activity

In other news, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now directly owns 4,247 shares in the company, valued at approximately $607,236.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Teresa Briggs sold 848 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the completion of the transaction, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at $60,922,410.78. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 527,678 shares of company stock worth $65,491,235. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently modified their holdings of the stock. Comerica Bank raised its position in shares of Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after purchasing an additional 4,296 shares during the last quarter. Choreo LLC lifted its stake in Snowflake by 18.6% during the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after acquiring an additional 1,294 shares during the period. Trexquant Investment LP lifted its stake in Snowflake by 266.3% during the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock valued at $2,089,000 after acquiring an additional 7,633 shares during the period. Ridgewood Investments LLC acquired a new stake in Snowflake during the 1st quarter valued at approximately $244,000. Finally, DekaBank Deutsche Girozentrale lifted its stake in Snowflake by 23.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after acquiring an additional 43,062 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Company Profile

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.