Snowflake (NYSE:SNOW) Shares Down 1.1% After Insider Selling

Snowflake Inc. (NYSE:SNOW) was down 1.1% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $149.11 and last traded at $150.30. Approximately 4,705,665 shares were traded during trading, a decline of 10% from the average daily volume of 5,239,566 shares. The stock had previously closed at $151.98.

Specifically, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $156.38, for a total value of $234,570.00. Following the completion of the sale, the executive vice president now directly owns 774,097 shares of the company’s stock, valued at approximately $121,053,288.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $156.38, for a total value of $234,570.00. Following the completion of the sale, the executive vice president now owns 774,097 shares in the company, valued at approximately $121,053,288.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Sridhar Ramaswamy acquired 31,542 shares of the stock in a transaction on Monday, March 25th. The shares were acquired at an average cost of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the transaction, the chief executive officer now directly owns 31,542 shares in the company, valued at approximately $5,000,037.84. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 180,555 shares of company stock worth $36,868,487. Corporate insiders own 8.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Morgan Stanley reaffirmed an “equal weight” rating and set a $175.00 price objective (down from $230.00) on shares of Snowflake in a research note on Thursday, February 29th. Royal Bank of Canada decreased their price target on Snowflake from $255.00 to $246.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Guggenheim raised shares of Snowflake from a “sell” rating to a “neutral” rating in a research note on Friday, March 15th. Stifel Nicolaus cut their price objective on shares of Snowflake from $235.00 to $220.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Finally, Mizuho reaffirmed a “buy” rating and issued a $205.00 target price (down previously from $255.00) on shares of Snowflake in a report on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Trading Down 0.2 %

The firm has a market capitalization of $49.61 billion, a PE ratio of -58.22 and a beta of 0.91. The stock’s 50 day moving average price is $179.56 and its two-hundred day moving average price is $179.04.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The company had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. Analysts expect that Snowflake Inc. will post -1.9 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Accent Capital Management LLC acquired a new stake in Snowflake during the fourth quarter worth approximately $25,000. Mango Five Family Inc. acquired a new stake in shares of Snowflake during the fourth quarter worth $26,000. Ulland Investment Advisors LLC grew its position in shares of Snowflake by 270.0% in the third quarter. Ulland Investment Advisors LLC now owns 185 shares of the company’s stock valued at $28,000 after purchasing an additional 135 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its stake in Snowflake by 333.3% in the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 100 shares during the last quarter. Finally, Provence Wealth Management Group purchased a new position in Snowflake during the third quarter worth about $30,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.