Snowflake (NYSE:SNOW) Stock Price Down 0.9%

Snowflake Inc. (NYSE:SNOW)’s stock price was down 0.9% during mid-day trading on Monday . The stock traded as low as $112.26 and last traded at $112.60. Approximately 575,466 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 6,548,272 shares. The stock had previously closed at $113.67.

Analysts Set New Price Targets

Several research analysts have issued reports on SNOW shares. Macquarie dropped their target price on Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, May 24th. Scotiabank dropped their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 22nd. Citigroup dropped their target price on Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, August 20th. KeyCorp raised their target price on Snowflake from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Finally, StockNews.com cut Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $176.03.

Snowflake Trading Down 0.8 %

The stock has a 50 day simple moving average of $121.87 and a 200-day simple moving average of $140.21. The firm has a market cap of $37.09 billion, a P/E ratio of -39.56 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (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 business had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same quarter in the previous year, the company posted ($0.52) EPS. The company’s revenue was up 28.9% compared to the same quarter last year. As a group, equities analysts forecast that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 558 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 512,262 shares of company stock worth $63,340,261. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently bought and sold shares of the business. Commerce Bank boosted its holdings in Snowflake by 0.8% during the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock valued at $1,221,000 after acquiring an additional 51 shares during the period. Park Avenue Securities LLC lifted its holdings in shares of Snowflake by 0.5% in the 1st quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock worth $2,179,000 after buying an additional 70 shares during the period. Covestor Ltd lifted its holdings in shares of Snowflake by 25.0% in the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after buying an additional 70 shares during the period. IAM Advisory LLC lifted its holdings in shares of Snowflake by 2.0% in the 1st quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock worth $600,000 after buying an additional 74 shares during the period. Finally, Joseph P. Lucia & Associates LLC lifted its holdings in shares of Snowflake by 2.6% in the 1st quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock worth $478,000 after buying an additional 75 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.