Snowflake (NYSE:SNOW) Shares Down 0.1% on Insider Selling

Snowflake Inc. (NYSE:SNOW) shares fell 0.1% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $111.35 and last traded at $111.84. 716,454 shares were traded during trading, a decline of 89% from the average session volume of 6,577,831 shares. The stock had previously closed at $112.00.

Specifically, EVP Christian Kleinerman sold 558 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the sale, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 1,606 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNOW. Scotiabank cut their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 22nd. UBS Group reduced their price objective on Snowflake from $171.00 to $155.00 and set a “neutral” rating on the stock in a research report on Monday, August 19th. Royal Bank of Canada decreased their price objective on Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a report on Wednesday, June 5th. StockNews.com lowered Snowflake from a “hold” rating to a “sell” rating in a research note on Friday, May 24th. Finally, Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. 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 company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Stock Performance

The company has a market capitalization of $38.06 billion, a PE ratio of -40.60 and a beta of 0.83. The business’s 50-day moving average is $123.48 and its 200-day moving average is $142.73.

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

Institutional Investors Weigh In On Snowflake

A number of institutional investors have recently modified their holdings of SNOW. Newbridge Financial Services Group Inc. raised its position in shares of Snowflake by 27.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,342 shares of the company’s stock worth $451,000 after purchasing an additional 722 shares during the last quarter. Heritage Wealth Management Inc. bought a new position in shares of Snowflake in the second quarter worth approximately $530,000. Sanctuary Advisors LLC purchased a new stake in shares of Snowflake during the second quarter valued at approximately $3,352,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Snowflake during the second quarter valued at approximately $142,000. Finally, Cetera Investment Advisers raised its holdings in Snowflake by 8.0% in the 2nd quarter. Cetera Investment Advisers now owns 68,800 shares of the company’s stock worth $9,294,000 after acquiring an additional 5,112 shares during the last quarter. 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.