Snowflake (NYSE:SNOW) Shares Up 4.9%

Snowflake Inc. (NYSE:SNOW)’s share price rose 4.9% during mid-day trading on Thursday . The stock traded as high as $117.08 and last traded at $117.00. Approximately 2,520,322 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 6,686,665 shares. The stock had previously closed at $111.56.

Analysts Set New Price Targets

A number of research firms recently commented on SNOW. Robert W. Baird lowered their price target on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Morgan Stanley reaffirmed an “equal weight” rating and set a $175.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. Hsbc Global Res raised Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. lifted their price target on shares of Snowflake from $170.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Finally, Stifel Nicolaus decreased their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a report on Monday, August 19th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Price Performance

The company has a market cap of $38.24 billion, a P/E ratio of -40.79 and a beta of 0.85. The business has a 50-day moving average of $128.40 and a two-hundred day moving average of $150.82.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 18.86%. The company had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same quarter in the prior year, the company earned ($0.52) EPS. Snowflake’s quarterly revenue was up 28.9% on a year-over-year basis. Equities analysts anticipate that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Emily Ho sold 3,845 shares of Snowflake stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total value of $501,349.55. Following the completion of the transaction, the chief accounting officer now owns 30,613 shares in the company, valued at approximately $3,991,629.07. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the transaction, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Emily Ho sold 3,845 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $130.39, for a total value of $501,349.55. Following the transaction, the chief accounting officer now directly owns 30,613 shares of the company’s stock, valued at approximately $3,991,629.07. The disclosure for this sale can be found here. Over the last quarter, insiders sold 527,678 shares of company stock worth $65,491,235. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Accent Capital Management LLC acquired a new position in shares of Snowflake during the 4th quarter worth approximately $25,000. LRI Investments LLC acquired a new stake in shares of Snowflake in the 1st quarter worth $29,000. FinTrust Capital Advisors LLC grew its holdings in shares of Snowflake by 193.9% in the fourth quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock valued at $39,000 after purchasing an additional 128 shares during the period. Riverview Trust Co acquired a new position in Snowflake in the 1st quarter valued at about $31,000. Finally, Hartford Financial Management Inc. purchased a new stake in shares of Snowflake in the 1st quarter valued at approximately $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.