Snowflake (NYSE:SNOW) Trading Down 0.8%

Snowflake Inc. (NYSE:SNOW)’s stock price dropped 0.8% during mid-day trading on Wednesday . The stock traded as low as $110.65 and last traded at $110.77. Approximately 579,651 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 6,530,952 shares. The stock had previously closed at $111.63.

Analyst Ratings Changes

Several brokerages have recently commented on SNOW. Robert W. Baird reduced their target price on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. The Goldman Sachs Group reiterated a “buy” rating and issued a $220.00 price objective on shares of Snowflake in a report on Monday, July 1st. JMP Securities cut their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research note on Thursday, August 22nd. Bank of America decreased their price target on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Finally, Rosenblatt Securities restated a “buy” rating and set a $195.00 price objective on shares of Snowflake in a report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $176.03.

Snowflake Stock Performance

The stock’s 50 day simple moving average is $122.40 and its 200 day simple moving average is $140.42. The firm has a market cap of $37.17 billion, a PE ratio of -39.56 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. Snowflake’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.52) EPS. As a group, analysts anticipate that Snowflake Inc. will post -2.42 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the sale, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Emily Ho sold 3,845 shares of the business’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $130.39, for a total transaction of $501,349.55. Following the sale, the chief accounting officer now owns 30,613 shares in the company, valued at approximately $3,991,629.07. The disclosure for this sale can be found here. Insiders sold 512,262 shares of company stock valued at $63,340,261 over the last three months. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNOW. Commerce Bank increased its holdings in shares of Snowflake by 0.8% in the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after purchasing an additional 51 shares in the last quarter. Park Avenue Securities LLC increased its holdings in Snowflake by 0.5% in the 1st quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock worth $2,179,000 after buying an additional 70 shares in the last quarter. Covestor Ltd raised its position in Snowflake by 25.0% in the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after buying an additional 70 shares during the last quarter. IAM Advisory LLC lifted its stake in Snowflake by 2.0% during the 1st quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock valued at $600,000 after acquiring an additional 74 shares during the period. Finally, Joseph P. Lucia & Associates LLC grew its stake in shares of Snowflake by 2.6% in the first quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock worth $478,000 after acquiring an additional 75 shares during the period. Institutional investors own 65.10% of the company’s stock.

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.