Snowflake (NYSE:SNOW) Trading Down 0.7% – Here’s What Happened

Shares of Snowflake Inc. (NYSE:SNOW) were down 0.7% during trading on Tuesday . The company traded as low as $170.08 and last traded at $171.22. Approximately 1,809,200 shares traded hands during trading, a decline of 73% from the average daily volume of 6,779,597 shares. The stock had previously closed at $172.47.

Analysts Set New Price Targets

Several brokerages have issued reports on SNOW. Morgan Stanley reissued an “equal weight” rating and issued a $175.00 price objective on shares of Snowflake in a research note on Thursday, August 22nd. Loop Capital reduced their target price on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, August 21st. KeyCorp boosted their target price on shares of Snowflake from $185.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. DA Davidson reaffirmed a “buy” rating and issued a $175.00 price target on shares of Snowflake in a research note on Thursday, October 3rd. Finally, Bank of America boosted their price objective on shares of Snowflake from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, November 21st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $184.46.

Snowflake Stock Up 1.0 %

The firm has a market capitalization of $54.21 billion, a price-to-earnings ratio of -48.44 and a beta of 1.03. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average price is $142.12 and its 200 day moving average price is $130.22.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $180.00, for a total value of $2,700,000.00. Following the sale, the executive vice president now owns 691,755 shares in the company, valued at $124,515,900. This represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the transaction, the insider now owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 292,901 shares of company stock valued at $48,375,520. 7.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snowflake

Several hedge funds have recently bought and sold shares of SNOW. LRI Investments LLC increased its stake in shares of Snowflake by 155.6% in the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in Snowflake in the 2nd quarter valued at $27,000. Groupama Asset Managment purchased a new stake in Snowflake in the 3rd quarter worth $25,000. V Square Quantitative Management LLC purchased a new position in Snowflake during the third quarter valued at $30,000. Finally, Fortitude Family Office LLC acquired a new stake in shares of Snowflake in the third quarter valued at about $34,000. 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.