Snowflake (NYSE:SNOW) Shares Gap Up Following Insider Buying Activity

Snowflake Inc. (NYSE:SNOW)’s share price gapped up before the market opened on Thursday following insider buying activity. The stock had previously closed at $160.04, but opened at $164.02. Snowflake shares last traded at $164.88, with a volume of 1,630,022 shares traded.

Specifically, SVP Christian Kleinerman sold 1,500 shares of the stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $190.00, for a total transaction of $285,000.00. Following the completion of the sale, the senior vice president now owns 756,567 shares in the company, valued at $143,747,730. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Snowflake news, CRO Christopher William Degnan sold 3,800 shares of the firm’s stock in a transaction that occurred on Wednesday, January 10th. The stock was sold at an average price of $200.13, for a total transaction of $760,494.00. Following the completion of the transaction, the executive now owns 102,007 shares in the company, valued at approximately $20,414,660.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $190.00, for a total value of $285,000.00. Following the transaction, the senior vice president now owns 756,567 shares of the company’s stock, valued at approximately $143,747,730. The disclosure for this sale can be found here. Insiders have sold 184,355 shares of company stock valued at $37,679,411 over the last quarter. 8.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Raymond James raised their price objective on Snowflake from $190.00 to $223.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Needham & Company LLC lowered their price objective on Snowflake from $265.00 to $240.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. Rosenblatt Securities lowered their price objective on Snowflake from $190.00 to $185.00 and set a “neutral” rating for the company in a research note on Thursday, February 29th. Macquarie raised Snowflake from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $182.00 to $205.00 in a research note on Thursday, February 29th. Finally, Royal Bank of Canada decreased their price target on Snowflake from $255.00 to $246.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.50.

Snowflake Trading Up 2.8 %

The company has a market capitalization of $54.17 billion, a PE ratio of -62.76 and a beta of 0.94. The stock has a fifty day simple moving average of $195.94 and a 200-day simple moving average of $179.43.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.80% and a negative net margin of 29.79%. The business had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. As a group, equities research analysts predict that Snowflake Inc. will post -1.92 EPS for the current year.

Hedge Funds Weigh In On Snowflake

Several institutional investors have recently added to or reduced their stakes in SNOW. Accent Capital Management LLC acquired a new position in Snowflake during the 4th quarter worth approximately $25,000. Mango Five Family Inc. purchased a new stake in shares of Snowflake during the 4th quarter worth approximately $26,000. Ulland Investment Advisors LLC boosted its stake in shares of Snowflake by 270.0% during the 3rd quarter. Ulland Investment Advisors LLC now owns 185 shares of the company’s stock worth $28,000 after acquiring an additional 135 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its stake in shares of Snowflake by 333.3% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock worth $29,000 after acquiring an additional 100 shares in the last quarter. Finally, Provence Wealth Management Group purchased a new stake in shares of Snowflake during the 3rd quarter worth approximately $30,000. 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.