Snowflake (NYSE:SNOW) Shares Down 1.1% on Insider Selling

Snowflake Inc. (NYSE:SNOW) shares were down 1.1% during mid-day trading on Thursday following insider selling activity. The company traded as low as $182.30 and last traded at $184.44. Approximately 2,171,272 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 6,804,548 shares. The stock had previously closed at $186.51.

Specifically, CRO Christopher William Degnan sold 12,782 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $174.06, for a total value of $2,224,834.92. Following the sale, the executive now owns 323,731 shares of the company’s stock, valued at $56,348,617.86. The trade was a 3.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 2,218 shares of Snowflake stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $175.00, for a total transaction of $388,150.00. Following the completion of the transaction, the director now owns 208,735 shares of the company’s stock, valued at $36,528,625. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Frank Slootman sold 59,617 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $176.25, for a total value of $10,507,496.25. Following the completion of the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at $36,789,543.75. This trade represents a 22.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analysts Set New Price Targets

Several research analysts have commented on SNOW shares. Stifel Nicolaus cut their target price on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Scotiabank decreased their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 22nd. TD Cowen raised their price target on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Deutsche Bank Aktiengesellschaft upped their price target on shares of Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Finally, Wedbush raised Snowflake from a “neutral” rating to an “outperform” rating and set a $190.00 price objective for the company in a research note on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $181.80.

Snowflake Stock Down 1.1 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.58. The stock has a market capitalization of $61.82 billion, a PE ratio of -54.41 and a beta of 1.03. The company has a 50 day moving average price of $130.10 and a 200-day moving average price of $128.82.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Mather Group LLC. raised its position in shares of Snowflake by 223.6% in the 2nd quarter. Mather Group LLC. now owns 906 shares of the company’s stock worth $122,000 after acquiring an additional 626 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in shares of Snowflake by 13.7% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 1,515 shares of the company’s stock valued at $205,000 after buying an additional 183 shares in the last quarter. Capital Investment Advisors LLC increased its stake in shares of Snowflake by 22.1% in the 2nd quarter. Capital Investment Advisors LLC now owns 1,661 shares of the company’s stock worth $224,000 after acquiring an additional 301 shares in the last quarter. Sanders Morris Harris LLC purchased a new position in Snowflake during the 2nd quarter valued at about $709,000. Finally, Opal Wealth Advisors LLC bought a new stake in Snowflake during the second quarter worth about $39,000. 65.10% of the stock is 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.