Snowflake (NYSE:SNOW) Shares Down 3.3%

Snowflake Inc. (NYSE:SNOW) shares dropped 3.3% during mid-day trading on Friday . The stock traded as low as $110.22 and last traded at $110.22. Approximately 2,467,433 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 6,548,161 shares. The stock had previously closed at $114.02.

Analysts Set New Price Targets

A number of equities analysts have commented on SNOW shares. Stifel Nicolaus reduced their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Mizuho decreased their price objective on shares of Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. Jefferies Financial Group dropped their target price on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Wedbush reduced their target price on shares of Snowflake from $210.00 to $140.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $220.00 price target on shares of Snowflake in a report on Monday, July 1st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $176.03.

Snowflake Trading Down 3.3 %

The firm has a market capitalization of $36.96 billion, a P/E ratio of -39.38 and a beta of 0.83. The business has a 50 day moving average of $120.87 and a 200-day moving average of $139.36.

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

Insider Transactions at Snowflake

In related news, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Christian Kleinerman sold 558 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at approximately $83,511,651.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the sale, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. The disclosure for this sale can be found here. Insiders sold 517,203 shares of company stock valued at $63,833,373 over the last three months. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SNOW. Swedbank AB bought a new stake in shares of Snowflake during the 1st quarter worth approximately $258,957,000. Vanguard Group Inc. raised its position in Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after acquiring an additional 1,559,830 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in Snowflake in the first quarter valued at $171,608,000. Cibc World Markets Corp bought a new position in shares of Snowflake in the 4th quarter valued at about $147,120,000. Finally, AQR Capital Management LLC increased its stake in shares of Snowflake by 210.0% during the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after purchasing an additional 660,168 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

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.