Snowflake (NYSE:SNOW) Stock Price Up 1.7%

Snowflake Inc. (NYSE:SNOW) shares traded up 1.7% during trading on Thursday . The stock traded as high as $113.62 and last traded at $112.61. 1,280,673 shares were traded during trading, a decline of 80% from the average session volume of 6,534,565 shares. The stock had previously closed at $110.78.

Wall Street Analysts Forecast Growth

SNOW has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price objective on Snowflake from $170.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. DA Davidson decreased their price target on shares of Snowflake from $230.00 to $175.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Wells Fargo & Company dropped their price objective on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research note on Thursday, August 22nd. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and raised their target price for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. Finally, Jefferies Financial Group dropped their price target on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research report 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 assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $176.03.

Snowflake Trading Up 2.8 %

The stock’s fifty day simple moving average is $121.87 and its 200-day simple moving average is $140.21.

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 firm 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 quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.52) earnings per share. Equities analysts predict 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 1,295 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.19, for a total value of $162,121.05. Following the transaction, the insider now directly owns 58,791 shares in the company, valued at $7,360,045.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Snowflake news, insider Benoit Dageville sold 1,295 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $125.19, for a total transaction of $162,121.05. Following the transaction, the insider now owns 58,791 shares of the company’s stock, valued at $7,360,045.29. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Frank Slootman sold 6,251 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $715,051.89. Following the completion of the sale, the director now directly owns 208,735 shares of the company’s stock, valued at $23,877,196.65. The disclosure for this sale can be found here. Insiders sold 518,498 shares of company stock valued at $63,995,494 in the last ninety days. Insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several large investors have recently modified their holdings of SNOW. Vanguard Group Inc. grew its holdings in shares of Snowflake by 1.4% during the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after buying an additional 297,428 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Snowflake by 3.7% in the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after purchasing an additional 249,249 shares during the last quarter. Sands Capital Management LLC increased its holdings in shares of Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after purchasing an additional 610,970 shares during the period. Legal & General Group Plc raised its stake in shares of Snowflake by 11.5% during the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after purchasing an additional 223,936 shares during the last quarter. Finally, WCM Investment Management LLC raised its stake in shares of Snowflake by 0.6% during the first quarter. WCM Investment Management LLC now owns 1,848,043 shares of the company’s stock worth $298,644,000 after purchasing an additional 11,677 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

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.