Snowflake (NYSE:SNOW) Sees Unusually-High Trading Volume After Analyst Upgrade

Snowflake Inc. (NYSE:SNOW) saw unusually-high trading volume on Friday after Mizuho raised their price target on the stock from $165.00 to $195.00. Mizuho currently has an outperform rating on the stock. Approximately 5,931,148 shares traded hands during trading, a decline of 12% from the previous session’s volume of 6,712,685 shares.The stock last traded at $174.83 and had previously closed at $171.35.

Several other research firms have also recently issued reports on SNOW. UBS Group lowered their price objective on Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Loop Capital lowered their price target on Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Evercore ISI raised their price objective on shares of Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a report on Thursday. Argus began coverage on shares of Snowflake in a report on Tuesday, October 1st. They issued a “hold” rating for the company. Finally, Wedbush upped their target price on Snowflake from $130.00 to $160.00 and gave the company a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and a consensus target price of $180.23.

Insider Buying and Selling

In other Snowflake news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. This trade represents a 3.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 30,000 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the transaction, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at $86,610,600. This represents a 3.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 59,538 shares of company stock valued at $7,061,544. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of institutional investors have recently added to or reduced their stakes in SNOW. State Street Corp raised its holdings in Snowflake by 0.8% in the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after acquiring an additional 54,909 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Snowflake by 3.5% during the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after purchasing an additional 138,663 shares during the period. Two Sigma Advisers LP raised its stake in shares of Snowflake by 27.9% in the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after purchasing an additional 881,700 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its position in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after purchasing an additional 2,559,144 shares during the period. Finally, Legal & General Group Plc boosted its stake in 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 buying an additional 223,936 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Down 2.3 %

The stock has a market cap of $56.13 billion, a P/E ratio of -49.39 and a beta of 0.83. The company’s fifty day simple moving average is $120.06 and its 200-day simple moving average is $128.00.

Snowflake (NYSE:SNOW) last posted its 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. The business had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 33.02% and a negative return on equity of 22.01%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.52) earnings per share. As a group, analysts expect that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

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.