Snowflake (NYSE:SNOW) Stock Price Down 0.9% on Insider Selling

Snowflake Inc. (NYSE:SNOW)’s stock price dropped 0.9% during mid-day trading on Thursday following insider selling activity. The company traded as low as $160.65 and last traded at $161.12. Approximately 1,563,819 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 6,763,973 shares. The stock had previously closed at $162.59.

Specifically, EVP Christian Kleinerman sold 3,029 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $171.00, for a total value of $517,959.00. Following the sale, the executive vice president now directly owns 684,639 shares of the company’s stock, valued at approximately $117,073,269. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 6,714 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $171.00, for a total value of $1,148,094.00. Following the transaction, the director now owns 196,454 shares in the company, valued at $33,593,634. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research firms have issued reports on SNOW. KeyCorp increased their price objective on shares of Snowflake from $185.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Truist Financial reaffirmed a “buy” rating and issued a $210.00 price target on shares of Snowflake in a research note on Thursday, November 21st. TD Cowen boosted their price objective on Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Evercore ISI raised their target price on Snowflake from $170.00 to $190.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $180.00 price target on shares of Snowflake in a research report on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $184.46.

Snowflake Stock Up 1.3 %

The firm has a market cap of $54.89 billion, a PE ratio of -49.05 and a beta of 1.03. The business has a 50-day moving average price of $143.77 and a two-hundred day moving average price of $130.66. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp grew its stake in shares of Snowflake by 0.8% during the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after purchasing an additional 54,909 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Snowflake by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after buying an additional 138,663 shares during the last quarter. Two Sigma Advisers LP boosted its position in shares of Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after acquiring an additional 881,700 shares in the last quarter. Ontario Teachers Pension Plan Board increased its holdings in shares of Snowflake by 19,399.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after acquiring an additional 2,559,144 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after acquiring an additional 223,936 shares in the last quarter. 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.