Snowflake (NYSE:SNOW) Shares Gap Up to $112.50

Snowflake Inc. (NYSE:SNOW) gapped up prior to trading on Wednesday . The stock had previously closed at $112.50, but opened at $114.97. Snowflake shares last traded at $113.32, with a volume of 8,321,319 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SNOW shares. Stifel Nicolaus reduced their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research note on Monday, August 19th. The Goldman Sachs Group reissued a “buy” rating and issued a $220.00 price target on shares of Snowflake in a research note on Monday, July 1st. Needham & Company LLC reduced their price objective on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Loop Capital reduced their price target on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Finally, Evercore ISI decreased their price objective on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $175.17.

Snowflake Stock Down 0.2 %

The company has a 50-day moving average price of $119.19 and a 200-day moving average price of $138.07. The company has a market capitalization of $37.69 billion, a price-to-earnings ratio of -40.15 and a beta of 0.83.

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. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the previous year, the firm posted ($0.52) earnings per share. Snowflake’s revenue was up 28.9% compared to the same quarter last year. Equities analysts expect that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Insider Activity

In related news, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Snowflake news, insider Benoit Dageville sold 287 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the transaction, the insider now directly owns 53,250 shares in the company, valued at $5,932,582.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction 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 sale, 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 90 days, insiders sold 45,386 shares of company stock valued at $5,715,941. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Accent Capital Management LLC bought a new position in Snowflake in the 4th quarter valued at $25,000. LRI Investments LLC increased its position in Snowflake by 155.6% in the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in Snowflake in the second quarter worth about $27,000. Riverview Trust Co bought a new stake in Snowflake during the 1st quarter worth about $31,000. Finally, Future Financial Wealth Managment LLC acquired a new position in Snowflake during the 1st quarter valued at about $32,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.