Snowflake (NYSE:SNOW) Shares Up 1%

Snowflake Inc. (NYSE:SNOW) shot up 1% during trading on Friday . The company traded as high as $165.89 and last traded at $161.60. 10,106,906 shares were traded during trading, a decline of 1% from the average session volume of 10,203,545 shares. The stock had previously closed at $160.04.

Analyst Upgrades and Downgrades

A number of research firms have commented on SNOW. Bank of America reduced their price objective on shares of Snowflake from $265.00 to $212.00 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Citigroup reduced their price target on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a research report on Monday, March 4th. TD Cowen raised their price target on shares of Snowflake from $215.00 to $230.00 and gave the stock an “outperform” rating in a research report on Monday, December 11th. UBS Group raised their price target on shares of Snowflake from $185.00 to $225.00 and gave the stock a “neutral” rating in a research report on Thursday, February 22nd. Finally, Macquarie upgraded shares of Snowflake from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $182.00 to $205.00 in a research report on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average target price of $202.50.

Snowflake Stock Performance

The company’s 50 day moving average price is $195.43 and its 200-day moving average price is $179.30. The company has a market cap of $53.21 billion, a price-to-earnings ratio of -63.37 and a beta of 0.94.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.05. The company had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. As a group, sell-side analysts forecast that Snowflake Inc. will post -1.92 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $156.25, for a total value of $1,330,468.75. Following the completion of the transaction, the insider now directly owns 55,216 shares in the company, valued at $8,627,500. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Snowflake news, CRO Christopher William Degnan sold 3,800 shares of the firm’s stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $200.13, for a total value of $760,494.00. Following the completion of the transaction, the executive now directly owns 102,007 shares in the company, valued at $20,414,660.91. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the sale, the insider now owns 55,216 shares of the company’s stock, valued at $8,627,500. The disclosure for this sale can be found here. Insiders sold a total of 184,355 shares of company stock worth $37,679,411 over the last ninety days. 8.30% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

Several institutional investors have recently made changes to their positions in the stock. Cigna Investments Inc. New increased its position in Snowflake by 1.6% during the fourth quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock worth $656,000 after acquiring an additional 51 shares during the period. E&G Advisors LP increased its position in Snowflake by 3.0% during the fourth quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock worth $352,000 after acquiring an additional 51 shares during the period. Commerce Bank increased its position in Snowflake by 0.8% during the fourth quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after acquiring an additional 51 shares during the period. Parkside Financial Bank & Trust increased its position in Snowflake by 34.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after acquiring an additional 52 shares during the period. Finally, Valley National Advisers Inc. boosted its stake in Snowflake by 18.1% during the fourth quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock worth $68,000 after buying an additional 53 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.