Snowflake (NYSE:SNOW) Trading Down 0.8% After Insider Selling

Shares of Snowflake Inc. (NYSE:SNOW) fell 0.8% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $110.65 and last traded at $110.77. 579,651 shares changed hands during trading, a decline of 91% from the average session volume of 6,530,952 shares. The stock had previously closed at $111.63.

Specifically, insider Benoit Dageville sold 1,946 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 3,029 shares of Snowflake stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $346,487.31. Following the transaction, the executive vice president now owns 753,464 shares in the company, valued at approximately $86,188,746.96. The disclosure for this sale can be found here. In related news, Director Frank Slootman sold 6,251 shares of the stock in a transaction on Tuesday, September 17th. The stock was 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 in the company, valued at $23,877,196.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SNOW shares. Barclays dropped their price target on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Wedbush decreased their price target on Snowflake from $210.00 to $140.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. UBS Group dropped their price objective on Snowflake from $171.00 to $155.00 and set a “neutral” rating on the stock in a research note on Monday, August 19th. Piper Sandler restated an “overweight” rating and set a $165.00 target price on shares of Snowflake in a research report on Thursday, August 22nd. Finally, TD Cowen lowered their target price on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. Two research 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, the company has a consensus rating of “Moderate Buy” and an average target price of $176.03.

Snowflake Price Performance

The company’s fifty day moving average price is $121.87 and its 200 day moving average price is $140.21. The company has a market cap of $38.21 billion, a PE ratio of -40.71 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced 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 the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company’s revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.52) EPS. On average, analysts forecast that Snowflake Inc. will post -2.42 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Swedbank AB bought a new position in shares of Snowflake during the 1st quarter worth $258,957,000. Vanguard Group Inc. increased its stake in shares of Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after purchasing an additional 1,559,830 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Snowflake in the first quarter worth about $171,608,000. Cibc World Markets Corp bought a new stake in shares of Snowflake in the fourth quarter valued at approximately $147,120,000. Finally, AQR Capital Management LLC lifted its stake in shares of Snowflake by 210.0% during the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after buying an additional 660,168 shares in the last quarter. 65.10% of the stock is currently 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.