Snowflake (NYSE:SNOW) Stock Price Up 1.7%

Snowflake Inc. (NYSE:SNOW)’s stock price was up 1.7% on Thursday . The stock traded as high as $113.62 and last traded at $112.61. Approximately 1,280,673 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 6,534,565 shares. The stock had previously closed at $110.78.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SNOW. Wells Fargo & Company cut their price target on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a report on Thursday, August 22nd. Evercore ISI dropped their target price on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Sanford C. Bernstein raised their price target on Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a report on Thursday, May 23rd. UBS Group dropped their price objective on Snowflake from $171.00 to $155.00 and set a “neutral” rating on the stock in a report on Monday, August 19th. Finally, Mizuho reduced their target price on Snowflake from $205.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Trading Up 2.8 %

The business’s fifty day moving average price is $121.87 and its 200 day moving average price is $140.21.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. During the same period in the previous year, the company earned ($0.52) EPS. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. As a group, research analysts predict that Snowflake Inc. will post -2.42 EPS for the current year.

Insider Activity at Snowflake

In other news, Director Teresa Briggs sold 848 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the transaction, the director now directly owns 4,247 shares in the company, valued at approximately $607,236.06. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Snowflake news, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the sale, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares in the company, valued at $23,998,330.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 518,498 shares of company stock worth $63,995,494. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snowflake

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