Snowflake (NYSE:SNOW) Shares Down 0.9% After Insider Selling

Snowflake Inc. (NYSE:SNOW)’s share price fell 0.9% on Wednesday following insider selling activity. The company traded as low as $109.30 and last traded at $109.33. 680,715 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 6,592,887 shares. The stock had previously closed at $110.27.

Specifically, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $61,357.68. Following the sale, the executive vice president now owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of research firms have recently commented on SNOW. Bank of America dropped their price objective on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Scotiabank dropped their price objective on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 22nd. Jefferies Financial Group dropped their price objective on Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 target price on shares of Snowflake in a research report on Thursday, August 22nd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $175.00 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 issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Stock Performance

The firm has a 50 day moving average price of $124.07 and a 200-day moving average price of $143.55.

Snowflake (NYSE:SNOW) last released 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 company had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.52) EPS. On average, research analysts expect that Snowflake Inc. will post -2.42 earnings per share for the current year.

Institutional Trading of Snowflake

Large investors have recently made changes to their positions in the stock. Commerce Bank lifted its position in shares of Snowflake by 0.8% during the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after purchasing an additional 51 shares during the last quarter. Park Avenue Securities LLC lifted its position in shares of Snowflake by 0.5% during the 1st quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock worth $2,179,000 after purchasing an additional 70 shares during the last quarter. Covestor Ltd lifted its position in shares of Snowflake by 25.0% during the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the last quarter. IAM Advisory LLC lifted its position in shares of Snowflake by 2.0% during the 1st quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock worth $600,000 after purchasing an additional 74 shares during the last quarter. Finally, Joseph P. Lucia & Associates LLC lifted its position in shares of Snowflake by 2.6% during the 1st quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock worth $478,000 after purchasing an additional 75 shares during the last quarter. 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.