Snowflake (NYSE:SNOW) Shares Up 1.5% – Here’s What Happened

Snowflake Inc. (NYSE:SNOW)’s share price traded up 1.5% on Monday . The stock traded as high as $339.53 and last traded at $337.52. Approximately 3,680,721 shares were traded during mid-day trading, a decline of 45% from the average session volume of 6,707,192 shares. The stock had previously closed at $332.43.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SNOW shares. Piper Sandler reissued an “overweight” rating and set a $450.00 target price (up from $320.00) on shares of Snowflake in a research note on Thursday, September 3rd. DA Davidson upped their price target on shares of Snowflake from $300.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a report on Thursday, September 3rd. Raymond James Financial lifted their price objective on Snowflake from $275.00 to $425.00 and gave the company an “outperform” rating in a research report on Thursday, September 3rd. Finally, UBS Group boosted their target price on Snowflake from $425.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Thirty-four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus target price of $414.24.

Snowflake Price Performance

The company’s 50-day simple moving average is $311.99 and its 200 day simple moving average is $231.94. The company has a market capitalization of $119.08 billion, a P/E ratio of -106.14 and a beta of 1.33. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.17. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.48 billion. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. Snowflake’s revenue for the quarter was up 35.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 EPS. As a group, sell-side analysts expect that Snowflake Inc. will post -1.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Mark Garrett sold 50,000 shares of the stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $350.00, for a total transaction of $17,500,000.00. Following the transaction, the director owned 10,074 shares of the company’s stock, valued at approximately $3,525,900. This represents a 83.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frank Slootman sold 289,685 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $274.39, for a total value of $79,486,667.15. Following the completion of the sale, the director owned 28,535 shares of the company’s stock, valued at approximately $7,829,718.65. This trade represents a 91.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,035,720 shares of company stock valued at $312,258,835 in the last three months. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently modified their holdings of SNOW. MV Capital Management Inc. acquired a new stake in shares of Snowflake in the fourth quarter worth $32,000. Copos Capital S.a r.l. acquired a new position in Snowflake in the 4th quarter valued at $35,000. SHP Wealth Management bought a new position in Snowflake in the 4th quarter worth $39,000. Basecamp Wealth Advisors LLC raised its holdings in Snowflake by 140.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock worth $30,000 after acquiring an additional 118 shares during the period. Finally, Emerald Advisers LLC lifted its position in Snowflake by 95.2% during the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock worth $31,000 after acquiring an additional 100 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

About Snowflake

Snowflake Inc (NYSE: SNOW) is a cloud-based data platform company that helps organizations store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and business intelligence across public cloud environments.

Snowflake’s Data Cloud enables customers to consolidate and access structured, semi-structured and unstructured data while supporting secure data sharing and collaboration. Its offerings include Snowflake Cortex, which provides artificial intelligence and machine-learning capabilities, as well as tools for developing data applications and using data from Snowflake’s marketplace and partner ecosystem.

Founded in 2012, Snowflake serves businesses, government organizations and other institutions globally through cloud infrastructure provided by major public-cloud platforms.