Insider Selling: Snowflake Inc. (NYSE:SNOW) CRO Sells $12,916,466.64 in Stock

Snowflake Inc. (NYSE:SNOW) CRO Christopher William Degnan sold 76,692 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $168.42, for a total value of $12,916,466.64. Following the transaction, the executive now directly owns 346,741 shares of the company’s stock, valued at approximately $58,398,119.22. This trade represents a 18.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Snowflake Trading Up 1.4 %

Shares of Snowflake stock opened at $173.62 on Thursday. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72. The stock has a market capitalization of $58.20 billion, a P/E ratio of -51.22 and a beta of 0.83. The business’s fifty day moving average price is $123.68 and its 200 day moving average price is $128.32.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. LRI Investments LLC raised its position in Snowflake by 155.6% in the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares during the period. Groupama Asset Managment purchased a new position in Snowflake in the third quarter valued at about $25,000. Wellington Shields Capital Management LLC purchased a new position in Snowflake in the second quarter valued at about $27,000. V Square Quantitative Management LLC purchased a new stake in shares of Snowflake during the third quarter worth about $30,000. Finally, Fortitude Family Office LLC purchased a new stake in shares of Snowflake during the third quarter worth about $34,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $180.00 target price on shares of Snowflake in a research note on Tuesday, November 19th. Scotiabank dropped their price objective on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 22nd. Jefferies Financial Group raised their price objective on Snowflake from $145.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. HSBC raised Snowflake from a “reduce” rating to a “hold” rating and raised their price objective for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $180.00 price objective on shares of Snowflake in a research note on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $181.09.

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.