Snowflake (NYSE:SNOW) Shares Down 1.6%

Snowflake Inc. (NYSE:SNOW)’s stock price traded down 1.6% during mid-day trading on Friday . The stock traded as low as $109.82 and last traded at $109.93. 687,647 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 6,634,046 shares. The stock had previously closed at $111.75.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. JMP Securities dropped their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 22nd. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and upped their price objective for the company from $119.00 to $121.00 in a report on Friday, August 23rd. Rosenblatt Securities reissued a “buy” rating and set a $195.00 target price on shares of Snowflake in a report on Monday, August 19th. Citigroup lowered their price target on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $175.00 price objective on shares of Snowflake in a research note on Thursday, August 22nd. Two equities research 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $176.03.

Snowflake Price Performance

The stock has a market capitalization of $36.35 billion, a PE ratio of -38.77 and a beta of 0.83. The company’s 50 day moving average price is $126.57 and its two-hundred day moving average price is $146.13.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s revenue was up 28.9% on a year-over-year basis. During the same period last year, the company posted ($0.52) EPS. Analysts forecast that Snowflake Inc. will post -2.42 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Christian Kleinerman sold 546 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $129.32, for a total value of $70,608.72. Following the completion of the transaction, the executive vice president now directly owns 756,489 shares in the company, valued at $97,829,157.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benoit Dageville sold 558 shares of Snowflake stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the completion of the sale, the insider now owns 63,222 shares in the company, valued at approximately $8,112,014.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 512,678 shares of company stock valued at $63,434,135. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently modified their holdings of the business. Accent Capital Management LLC acquired a new stake in Snowflake in the 4th quarter valued at approximately $25,000. LRI Investments LLC grew its stake in shares of Snowflake by 155.6% in the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after buying an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in Snowflake during the 2nd quarter worth about $27,000. Riverview Trust Co purchased a new position in Snowflake during the 1st quarter valued at about $31,000. Finally, Hartford Financial Management Inc. acquired a new position in Snowflake in the 1st quarter valued at about $32,000. 65.10% of the stock is currently 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.