Snowflake (NYSE:SNOW) Stock Price Up 0.1%

Shares of Snowflake Inc. (NYSE:SNOW) shot up 0.1% during trading on Tuesday . The stock traded as high as $114.39 and last traded at $112.95. 656,135 shares were traded during trading, a decline of 90% from the average session volume of 6,542,505 shares. The stock had previously closed at $112.84.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Snowflake from $170.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Citigroup reduced their target price on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, August 20th. Stifel Nicolaus lowered their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a report on Monday, August 19th. Oppenheimer reissued an “outperform” rating and issued a $220.00 target price on shares of Snowflake in a research report on Thursday, May 23rd. Finally, Macquarie dropped their price target on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating for the company in a research note on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $176.03.

Snowflake Stock Performance

The company has a market capitalization of $38.21 billion, a PE ratio of -40.72 and a beta of 0.83. The stock’s fifty day simple moving average is $121.87 and its 200-day simple moving average is $140.21.

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

Insider Buying and Selling

In related news, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction that occurred 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 directly owns 4,247 shares of the company’s stock, valued at $607,236.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Emily Ho sold 3,845 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total transaction of $501,349.55. Following the completion of the sale, the chief accounting officer now owns 30,613 shares in the company, valued at approximately $3,991,629.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the transaction, the director now owns 4,247 shares in the company, valued at approximately $607,236.06. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 518,498 shares of company stock worth $63,995,494. 7.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snowflake

Several large investors have recently made changes to their positions in SNOW. Vanguard Group Inc. raised its holdings in shares of Snowflake by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after buying an additional 297,428 shares during the period. Jennison Associates LLC grew its position in Snowflake by 3.7% in the first 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 raised its stake in shares of Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after purchasing an additional 610,970 shares during the period. Legal & General Group Plc lifted its position in shares of Snowflake by 11.5% during the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after purchasing an additional 223,936 shares in the last quarter. Finally, WCM Investment Management LLC boosted its stake in shares of Snowflake by 0.6% in 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 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.