Snowflake (NYSE:SNOW) Shares Down 2.3% – Should You Sell?

Shares of Snowflake Inc. (NYSE:SNOW) fell 2.3% during mid-day trading on Wednesday . The company traded as low as $119.72 and last traded at $119.94. 783,583 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 6,663,069 shares. The stock had previously closed at $122.74.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SNOW. The Goldman Sachs Group restated a “buy” rating and set a $220.00 price target on shares of Snowflake in a report on Monday, July 1st. Scotiabank reduced their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a report on Thursday, August 22nd. Robert W. Baird decreased their price objective on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. Evercore ISI reduced their target price on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, HSBC raised Snowflake from a “reduce” rating to a “hold” rating and raised their price target for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $174.74.

Snowflake Stock Down 2.7 %

The firm’s 50 day moving average is $116.72 and its two-hundred day moving average is $133.80. The company has a market cap of $40.00 billion, a P/E ratio of -43.85 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million during 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%. Snowflake’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.52) EPS. As a group, research analysts forecast that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Insider Activity

In other news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction 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 sale, the executive vice president now directly owns 718,773 shares in the company, valued at $86,252,760. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Frank Slootman sold 1,606 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the sale, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now owns 718,773 shares of the company’s stock, valued at $86,252,760. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock worth $7,049,994 over the last quarter. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Several institutional investors and hedge funds have recently made changes to their positions in SNOW. Swedbank AB purchased a new stake in shares of Snowflake during the first quarter valued at approximately $258,957,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Snowflake during the first quarter worth about $171,608,000. AQR Capital Management LLC grew its stake in shares of Snowflake by 210.0% in the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after purchasing an additional 660,168 shares during the last quarter. SG Americas Securities LLC raised its position in Snowflake by 471.9% during the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock valued at $87,489,000 after purchasing an additional 628,511 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in Snowflake by 90.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after buying an additional 600,469 shares during the period. 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.