Snowflake (NYSE:SNOW) Stock Price Down 1.2% After Insider Selling

Snowflake Inc. (NYSE:SNOWGet Free Report)’s share price was down 1.2% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $147.74 and last traded at $148.90. Approximately 1,708,805 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 6,126,422 shares. The stock had previously closed at $150.74.

Specifically, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the sale, the insider now directly owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Emily Ho sold 1,500 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $4,457,133.14. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the completion of the sale, the insider now directly owns 55,216 shares in the company, valued at $8,627,500. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,880 shares of company stock valued at $10,832,965. 7.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Barclays lifted their target price on Snowflake from $188.00 to $191.00 and gave the company an “equal weight” rating in a report on Thursday, May 23rd. Evercore ISI decreased their target price on Snowflake from $250.00 to $225.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Piper Sandler reissued an “overweight” rating and set a $240.00 target price on shares of Snowflake in a research report on Thursday, May 23rd. Royal Bank of Canada reduced their price target on shares of Snowflake from $246.00 to $220.00 and set an “outperform” rating on the stock in a research report on Monday, May 20th. Finally, Truist Financial reduced their target price on shares of Snowflake from $250.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $200.64.

Get Our Latest Research Report on SNOW

Snowflake Stock Performance

The company’s fifty day moving average price is $156.25 and its 200 day moving average price is $179.90. The firm has a market capitalization of $47.10 billion, a price-to-earnings ratio of -50.33 and a beta of 0.90.

Snowflake (NYSE:SNOWGet Free Report) last issued its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 30.80% and a negative return on equity of 15.54%. As a group, sell-side analysts expect that Snowflake Inc. will post -1.83 earnings per share for the current year.

Institutional Trading of Snowflake

Several hedge funds have recently made changes to their positions in SNOW. Garde Capital Inc. lifted its position in Snowflake by 148.6% in the 1st quarter. Garde Capital Inc. now owns 5,158 shares of the company’s stock valued at $833,000 after purchasing an additional 3,083 shares during the last quarter. Cetera Advisors LLC raised its holdings in shares of Snowflake by 76.5% during the first quarter. Cetera Advisors LLC now owns 28,831 shares of the company’s stock valued at $4,659,000 after buying an additional 12,497 shares during the last quarter. Cetera Investment Advisers grew its holdings in Snowflake by 201.5% in the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after buying an additional 42,563 shares in the last quarter. Swedbank AB acquired a new stake in Snowflake in the 1st quarter valued at approximately $258,957,000. Finally, Sanibel Captiva Trust Company Inc. bought a new stake in Snowflake during the 1st quarter valued at $2,004,000. Institutional investors own 65.10% of the company’s stock.

About Snowflake

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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.

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