Snowflake (NYSE:SNOW) Trading Up 2.9%

Shares of Snowflake Inc. (NYSE:SNOW) rose 2.9% during trading on Thursday . The company traded as high as $132.88 and last traded at $132.87. Approximately 1,744,559 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 6,571,771 shares. The stock had previously closed at $129.13.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SNOW. StockNews.com cut Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Scotiabank cut their target price on Snowflake from $207.00 to $195.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 23rd. Stifel Nicolaus reduced their price target on shares of Snowflake from $220.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Monness Crespi & Hardt raised shares of Snowflake from a “sell” rating to a “neutral” rating in a report on Monday, March 18th. Finally, Royal Bank of Canada reduced their target price on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a research note on Wednesday, June 5th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $199.03.

Snowflake Trading Up 0.9 %

The stock has a market cap of $45.24 billion, a price-to-earnings ratio of -48.26 and a beta of 0.85. The company has a fifty day simple moving average of $145.74 and a 200-day simple moving average of $173.37.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The firm had revenue of $828.71 million for the quarter, compared to analyst estimates of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. As a group, analysts anticipate that Snowflake Inc. will post -2.28 earnings per share for the current year.

Insider Activity

In other news, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $156.38, for a total value of $234,570.00. Following the transaction, the executive vice president now owns 774,097 shares in the company, valued at approximately $121,053,288.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Snowflake news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $156.38, for a total value of $234,570.00. Following the transaction, the executive vice president now owns 774,097 shares in the company, valued at $121,053,288.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the transaction, the executive vice president now directly owns 494,942 shares in the company, valued at approximately $60,922,410.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 519,112 shares of company stock worth $64,932,073. 7.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently bought and sold shares of SNOW. Vanguard Group Inc. lifted its position in shares of Snowflake by 1.4% in the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after buying an additional 297,428 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Snowflake by 3.7% in the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after acquiring an additional 249,249 shares in the last quarter. Sands Capital Management LLC lifted its holdings in Snowflake by 12.6% in the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after purchasing an additional 610,970 shares during the last quarter. Norges Bank bought a new stake in Snowflake during the fourth quarter worth approximately $838,455,000. Finally, WCM Investment Management LLC grew its holdings in Snowflake by 0.6% during the first quarter. WCM Investment Management LLC now owns 1,848,043 shares of the company’s stock valued at $298,644,000 after purchasing an additional 11,677 shares during the last quarter. 65.10% of the stock is currently 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, as well as applies artificial intelligence (AI) for solving business problems.