Snowflake (NYSE:SNOW) Shares Gap Down Following Insider Selling

Snowflake Inc. (NYSE:SNOW)’s share price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $265.00, but opened at $244.00. Snowflake shares last traded at $239.6040, with a volume of 8,370,956 shares.

Specifically, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction on Monday, December 1st. The shares were sold at an average price of $249.53, for a total transaction of $2,495,300.00. Following the completion of the transaction, the executive vice president directly owned 512,450 shares of the company’s stock, valued at $127,871,648.50. The trade was a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SNOW shares. KeyCorp increased their target price on shares of Snowflake from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday. Evercore ISI reaffirmed an “outperform” rating on shares of Snowflake in a research note on Thursday. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Snowflake in a research report on Thursday. Rosenblatt Securities raised their price objective on shares of Snowflake from $250.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Canaccord Genuity Group restated a “buy” rating on shares of Snowflake in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $274.08.

Snowflake Trading Down 10.6%

The firm has a market cap of $80.25 billion, a P/E ratio of -57.69 and a beta of 1.09. The business’s 50-day moving average is $250.99 and its two-hundred day moving average is $225.85. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.Snowflake’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.20 earnings per share. As a group, analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Snowflake

Several large investors have recently added to or reduced their stakes in the stock. Total Clarity Wealth Management Inc. grew its position in Snowflake by 2.7% in the 3rd quarter. Total Clarity Wealth Management Inc. now owns 1,508 shares of the company’s stock worth $340,000 after purchasing an additional 40 shares during the last quarter. Diligent Investors LLC boosted its position in shares of Snowflake by 0.9% during the third quarter. Diligent Investors LLC now owns 4,594 shares of the company’s stock worth $1,036,000 after buying an additional 40 shares during the period. Coastline Trust Co grew its holdings in Snowflake by 1.0% in the 3rd quarter. Coastline Trust Co now owns 4,183 shares of the company’s stock worth $943,000 after buying an additional 42 shares in the last quarter. Capital Advantage Inc. increased its position in Snowflake by 1.1% in the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock valued at $987,000 after acquiring an additional 48 shares during the period. Finally, Wedbush Securities Inc. raised its stake in Snowflake by 1.3% during the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock valued at $832,000 after acquiring an additional 48 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

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.