Snowflake (NYSE:SNOW) Shares Gap Up Following Insider Buying Activity

Snowflake Inc. (NYSE:SNOWGet Free Report)’s stock price gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $160.04, but opened at $164.02. Snowflake shares last traded at $164.88, with a volume of 1,630,022 shares trading hands.

Specifically, CAO Emily Ho sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $156.98, for a total value of $235,470.00. Following the completion of the transaction, the chief accounting officer now owns 28,393 shares in the company, valued at approximately $4,457,133.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Snowflake news, CAO Emily Ho sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $156.98, for a total transaction of $235,470.00. Following the completion of the transaction, the chief accounting officer now owns 28,393 shares in the company, valued at approximately $4,457,133.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sridhar Ramaswamy purchased 31,542 shares of the stock in a transaction on Monday, March 25th. The shares were purchased at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the acquisition, the chief executive officer now owns 31,542 shares in the company, valued at approximately $5,000,037.84. The disclosure for this purchase can be found here. Insiders sold a total of 184,355 shares of company stock worth $37,679,411 in the last quarter. 8.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SNOW. Mizuho reaffirmed a “buy” rating and set a $205.00 price objective (down previously from $255.00) on shares of Snowflake in a research report on Thursday, February 29th. Macquarie raised shares of Snowflake from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $182.00 to $205.00 in a research report on Thursday, February 29th. JMP Securities lifted their price target on shares of Snowflake from $212.00 to $235.00 and gave the company a “market outperform” rating in a research report on Thursday, February 29th. Needham & Company LLC reduced their price target on shares of Snowflake from $265.00 to $240.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Finally, Truist Financial reduced their price target on shares of Snowflake from $250.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Three equities research 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. Based on data from MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and a consensus target price of $202.50.

Get Our Latest Analysis on Snowflake

Snowflake Stock Performance

The stock has a fifty day moving average of $194.80 and a 200 day moving average of $179.24. The company has a market capitalization of $53.21 billion, a PE ratio of -63.37 and a beta of 0.94.

Snowflake (NYSE:SNOWGet Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The company had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. As a group, equities analysts predict that Snowflake Inc. will post -1.92 EPS for the current year.

Institutional Trading of Snowflake

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Snowflake by 8.0% during the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after purchasing an additional 1,559,830 shares during the last quarter. BlackRock Inc. increased its position in shares of Snowflake by 5.0% during the 2nd quarter. BlackRock Inc. now owns 14,088,422 shares of the company’s stock valued at $2,479,280,000 after purchasing an additional 674,196 shares during the last quarter. FMR LLC increased its position in shares of Snowflake by 32.1% during the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after purchasing an additional 1,496,235 shares during the last quarter. State Street Corp grew its position in Snowflake by 3.0% in the 2nd quarter. State Street Corp now owns 5,953,850 shares of the company’s stock valued at $1,047,759,000 after acquiring an additional 170,914 shares during the last quarter. Finally, Sands Capital Management LLC grew its position in Snowflake by 12.6% in the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after acquiring an additional 610,970 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

(Get Free Report)

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.

Recommended Stories

Receive News & Ratings for Snowflake Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snowflake and related companies with MarketBeat.com's FREE daily email newsletter.