Snowflake (NYSE:SNOW) Trading 1.9% Higher on Insider Buying Activity

Snowflake Inc. (NYSE:SNOW)’s share price traded up 1.9% during trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $165.89 and last traded at $163.11. 3,873,537 shares traded hands during trading, a decline of 45% from the average session volume of 7,029,214 shares. The stock had previously closed at $160.04.

Specifically, CEO Frank Slootman sold 86,078 shares of Snowflake stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the sale, the chief executive officer now directly owns 180,143 shares of the company’s stock, valued at $40,555,593.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $190.00, for a total value of $285,000.00. Following the transaction, the senior vice president now directly owns 756,567 shares of the company’s stock, valued at approximately $143,747,730. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Frank Slootman sold 86,078 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $225.13, for a total value of $19,378,740.14. Following the completion of the transaction, the chief executive officer now directly owns 180,143 shares in the company, valued at $40,555,593.59. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 184,355 shares of company stock valued at $37,679,411. 8.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Piper Sandler restated an “overweight” rating and issued a $250.00 price objective on shares of Snowflake in a research report on Tuesday, February 27th. Citigroup dropped their price objective on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a research report on Monday, March 4th. UBS Group boosted their price objective on shares of Snowflake from $185.00 to $225.00 and gave the stock a “neutral” rating in a research report on Thursday, February 22nd. StockNews.com cut shares of Snowflake from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Raymond James boosted their price objective on shares of Snowflake from $190.00 to $223.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $202.50.

Snowflake Stock Performance

The stock’s fifty day moving average price is $195.43 and its 200-day moving average price is $179.30. The company has a market capitalization of $53.16 billion, a P/E ratio of -63.31 and a beta of 0.94.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.05. The firm had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.80%. On average, research analysts predict that Snowflake Inc. will post -1.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System increased its holdings in shares of Snowflake by 8.2% during the second quarter. California State Teachers Retirement System now owns 447,364 shares of the company’s stock worth $78,727,000 after purchasing an additional 34,051 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Snowflake during the 3rd quarter worth approximately $458,000. Glynn Capital Management LLC boosted its position in shares of Snowflake by 3.1% during the 3rd quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock worth $28,786,000 after acquiring an additional 5,629 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Snowflake by 192.7% during the 2nd quarter. O Shaughnessy Asset Management LLC now owns 5,003 shares of the company’s stock worth $880,000 after acquiring an additional 3,294 shares in the last quarter. Finally, Raymond James Trust N.A. boosted its position in shares of Snowflake by 104.3% during the 4th quarter. Raymond James Trust N.A. now owns 21,084 shares of the company’s stock worth $4,196,000 after acquiring an additional 10,762 shares in the last quarter. 65.10% of the stock is owned by 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.