Snowflake (NYSE:SNOW) Shares Up 1.8% – Here’s What Happened

Snowflake Inc. (NYSE:SNOW) was up 1.8% during mid-day trading on Monday . The company traded as high as $226.86 and last traded at $226.5290. Approximately 2,692,499 shares changed hands during trading, a decline of 49% from the average daily volume of 5,241,057 shares. The stock had previously closed at $222.46.

Analysts Set New Price Targets

SNOW has been the subject of a number of recent research reports. Morgan Stanley lifted their price objective on Snowflake from $272.00 to $299.00 and gave the company an “overweight” rating in a research note on Thursday, December 4th. Monness Crespi & Hardt lifted their price target on Snowflake from $260.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, December 4th. Rosenblatt Securities upped their price target on Snowflake from $250.00 to $275.00 and gave the stock a “buy” rating in a report on Monday, December 1st. JMP Securities increased their price target on Snowflake from $283.00 to $325.00 and gave the stock a “market outperform” rating in a research report on Tuesday, October 28th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Snowflake in a research report on Thursday, December 4th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $275.32.

Snowflake Price Performance

The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market capitalization of $77.52 billion, a price-to-earnings ratio of -56.07 and a beta of 1.09. The stock has a 50 day moving average price of $247.74 and a 200-day moving average price of $227.93.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the firm posted $0.20 EPS. The firm’s revenue for the quarter was up 28.7% on a year-over-year basis. On average, analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In related news, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $257.30, for a total transaction of $12,951,967.40. Following the completion of the sale, the director owned 33,596 shares of the company’s stock, valued at approximately $8,644,250.80. This represents a 59.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 7,728 shares of the stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $212.45, for a total transaction of $1,641,813.60. Following the completion of the sale, the director owned 140,945 shares of the company’s stock, valued at approximately $29,943,765.25. The trade was a 5.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 221,537 shares of company stock valued at $53,336,395. Insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

A number of institutional investors have recently added to or reduced their stakes in SNOW. Trust Co. of Toledo NA OH purchased a new stake in Snowflake in the 2nd quarter valued at $25,000. Avion Wealth raised its holdings in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after acquiring an additional 49 shares during the period. Grey Fox Wealth Advisors LLC acquired a new position in shares of Snowflake during the 3rd quarter valued at about $25,000. Tripletail Wealth Management LLC acquired a new position in shares of Snowflake during the 3rd quarter valued at about $28,000. Finally, Rossby Financial LCC grew its holdings in shares of Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 127 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.