Snowflake (NYSE:SNOW) Shares Up 1.1%

Snowflake Inc. (NYSE:SNOW) shares were up 1.1% during mid-day trading on Thursday . The company traded as high as $150.90 and last traded at $150.43. Approximately 1,378,554 shares changed hands during trading, a decline of 79% from the average daily volume of 6,645,126 shares. The stock had previously closed at $148.80.

Analyst Upgrades and Downgrades

SNOW has been the topic of several research analyst reports. Raymond James upped 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. JPMorgan Chase & Co. lowered their price objective on shares of Snowflake from $200.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Stifel Nicolaus dropped their price objective on shares of Snowflake from $235.00 to $220.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Truist Financial reduced their target price on Snowflake from $250.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. Finally, Monness Crespi & Hardt upgraded Snowflake from a “sell” rating to a “neutral” rating in a research report on Monday, March 18th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.00.

Snowflake Trading Down 2.0 %

The company’s fifty day simple moving average is $177.80 and its 200 day simple moving average is $179.00. The firm has a market capitalization of $48.61 billion, a P/E ratio of -57.04 and a beta of 0.91.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The company had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. On average, analysts predict that Snowflake Inc. will post -1.9 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other Snowflake news, insider Benoit Dageville sold 8,515 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following the completion of the transaction, the insider now owns 55,216 shares in the company, valued at $8,627,500. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $210.00, for a total value of $2,100,000.00. Following the sale, the senior vice president now directly owns 746,567 shares of the company’s stock, valued at approximately $156,779,070. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $156.25, for a total value of $1,330,468.75. Following the transaction, the insider now directly owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The disclosure for this sale can be found here. In the last quarter, insiders sold 180,555 shares of company stock valued at $36,868,487. Corporate insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Snowflake in the 4th quarter worth about $838,455,000. Vanguard Group Inc. raised its holdings in Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after buying an additional 1,559,830 shares during the last quarter. FMR LLC lifted its stake in shares of Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after buying an additional 1,496,235 shares in the last quarter. Winslow Capital Management LLC purchased a new stake in shares of Snowflake during the third quarter valued at approximately $226,302,000. Finally, Voloridge Investment Management LLC bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $230,003,000. 65.10% of the stock is owned by institutional investors.

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.