Snowflake (NYSE:SNOW) Shares Down 1%

Snowflake Inc. (NYSE:SNOW)’s share price dropped 1% during mid-day trading on Tuesday . The company traded as low as $149.11 and last traded at $150.40. Approximately 1,488,766 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 6,713,499 shares. The stock had previously closed at $151.98.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SNOW. JMP Securities boosted their target price on Snowflake from $212.00 to $235.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 29th. Raymond James raised their target price on shares of Snowflake from $190.00 to $223.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Monness Crespi & Hardt raised Snowflake from a “sell” rating to a “neutral” rating in a report on Monday, March 18th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $175.00 price objective (down previously from $230.00) on shares of Snowflake in a report on Thursday, February 29th. Finally, Royal Bank of Canada cut their target price on shares of Snowflake from $255.00 to $246.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Stock Performance

The company has a fifty day moving average price of $183.70 and a 200-day moving average price of $179.49. The firm has a market capitalization of $50.46 billion, a PE ratio of -58.98 and a beta of 0.91.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The company had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. On average, equities analysts predict that Snowflake Inc. will post -1.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Grzegorz Czajkowski sold 683 shares of Snowflake stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $110,249.86. Following the completion of the sale, the executive vice president now owns 86,208 shares of the company’s stock, valued at $13,915,695.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snowflake news, CAO Emily Ho sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $156.98, for a total value of $235,470.00. Following the completion of the sale, the chief accounting officer now directly owns 28,393 shares in the company, valued at $4,457,133.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Grzegorz Czajkowski sold 683 shares of Snowflake stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $110,249.86. Following the completion of the transaction, the executive vice president now directly owns 86,208 shares in the company, valued at $13,915,695.36. The disclosure for this sale can be found here. Insiders have sold 179,055 shares of company stock valued at $36,633,917 over the last ninety days. 8.30% of the stock is owned by insiders.

Institutional Trading of Snowflake

A number of institutional investors have recently made changes to their positions in SNOW. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Snowflake during the third quarter worth $458,000. Sequoia Financial Advisors LLC grew its stake in Snowflake by 209.3% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock valued at $927,000 after purchasing an additional 3,152 shares during the last quarter. Glynn Capital Management LLC increased its holdings in shares of Snowflake by 3.1% in the third quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock valued at $28,786,000 after purchasing an additional 5,629 shares during the period. Raymond James & Associates raised its stake in shares of Snowflake by 55.9% in the fourth quarter. Raymond James & Associates now owns 295,486 shares of the company’s stock worth $58,802,000 after purchasing an additional 105,937 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Snowflake by 53.2% during the fourth quarter. Pacer Advisors Inc. now owns 5,442 shares of the company’s stock worth $1,083,000 after purchasing an additional 1,890 shares during the period. 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.