Snowflake (NYSE:SNOW) Shares Down 1.6%

Shares of Snowflake Inc. (NYSE:SNOW) fell 1.6% during trading on Friday . The company traded as low as $109.82 and last traded at $109.93. 687,647 shares were traded during mid-day trading, a decline of 90% from the average session volume of 6,634,046 shares. The stock had previously closed at $111.75.

Wall Street Analyst Weigh In

SNOW has been the subject of several analyst reports. Wells Fargo & Company dropped their target price on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday, August 22nd. TD Cowen cut their target price on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 19th. UBS Group decreased their price target on Snowflake from $171.00 to $155.00 and set a “neutral” rating on the stock in a research note on Monday, August 19th. Rosenblatt Securities restated a “buy” rating and set a $195.00 price objective on shares of Snowflake in a research report on Monday, August 19th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $165.00 target price on shares of Snowflake in a research report on Thursday, August 22nd. Two investment 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $176.03.

Snowflake Price Performance

The firm’s fifty day moving average price is $127.10 and its two-hundred day moving average price is $147.49. The stock has a market cap of $36.25 billion, a price-to-earnings ratio of -39.26 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company’s quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.52) earnings per share. On average, equities research analysts anticipate that Snowflake Inc. will post -2.42 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In other Snowflake news, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the transaction, the insider now directly owns 63,222 shares of the company’s stock, valued at $8,112,014.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the transaction, the insider now owns 63,222 shares in the company, valued at $8,112,014.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 512,678 shares of company stock worth $63,434,135. 7.80% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new position in Snowflake in the 4th quarter valued at $838,455,000. Swedbank AB purchased a new stake in Snowflake during the first quarter worth about $258,957,000. Vanguard Group Inc. raised its position in Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after acquiring an additional 1,559,830 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in Snowflake in the first quarter valued at about $171,608,000. Finally, Trivest Advisors Ltd bought a new position in shares of Snowflake during the 4th quarter valued at approximately $173,747,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.