Snowflake (NYSE:SNOW) Trading Up 2.9%

Shares of Snowflake Inc. (NYSE:SNOW) traded up 2.9% on Monday . The stock traded as high as $119.75 and last traded at $119.17. 4,298,160 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 6,657,071 shares. The stock had previously closed at $115.86.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SNOW shares. Stifel Nicolaus lowered their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Evercore ISI reduced their price target on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Wells Fargo & Company lowered their price objective on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a report on Thursday. Macquarie reduced their target price on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, May 24th. Finally, Sanford C. Bernstein boosted their price target on shares of Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a research note on Thursday, May 23rd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Stock Up 1.9 %

The firm has a fifty day moving average price of $129.74 and a two-hundred day moving average price of $153.75. The stock has a market capitalization of $39.52 billion, a P/E ratio of -42.16 and a beta of 0.85.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The business had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. During the same period in the previous year, the company earned ($0.52) earnings per share. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. Sell-side analysts anticipate that Snowflake Inc. will post -2.31 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the sale, the executive vice president now owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Snowflake news, insider Benoit Dageville sold 558 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total transaction of $71,596.98. Following the completion of the sale, the insider now directly owns 63,222 shares in the company, valued at approximately $8,112,014.82. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares in the company, valued at approximately $86,252,760. The disclosure for this sale can be found here. Insiders sold 527,678 shares of company stock worth $65,491,235 over the last quarter. 7.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Comerica Bank boosted its stake in shares of Snowflake by 17.2% in the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after acquiring an additional 4,296 shares during the period. Choreo LLC grew its holdings in Snowflake by 18.6% during the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after buying an additional 1,294 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Snowflake by 23.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after buying an additional 43,062 shares during the last quarter. Trexquant Investment LP lifted its holdings in shares of Snowflake by 266.3% in the fourth quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock worth $2,089,000 after buying an additional 7,633 shares in the last quarter. Finally, Ridgewood Investments LLC bought a new position in shares of Snowflake during the first quarter worth $244,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.