Snowflake (NYSE:SNOW) Shares Down 1.2% – Here’s Why

Snowflake Inc. (NYSE:SNOW) dropped 1.2% on Friday . The stock traded as low as $213.95 and last traded at $216.7480. Approximately 3,456,664 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 5,402,396 shares. The stock had previously closed at $219.36.

Analysts Set New Price Targets

SNOW has been the topic of several recent analyst reports. Piper Sandler restated an “overweight” rating and set a $285.00 price objective on shares of Snowflake in a report on Thursday, December 4th. KeyCorp upped their price target on shares of Snowflake from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, December 4th. Canaccord Genuity Group lifted their price objective on shares of Snowflake from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. Mizuho boosted their price objective on shares of Snowflake from $260.00 to $285.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Finally, Macquarie upped their target price on Snowflake from $235.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $275.32.

Snowflake Trading Down 1.2%

The stock has a market cap of $74.17 billion, a PE ratio of -53.65 and a beta of 1.14. The company’s fifty day moving average is $243.00 and its 200-day moving average is $228.67. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.37.

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

Insider Buying and Selling

In other news, CAO Emily Ho sold 1,072 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $223.63, for a total transaction of $239,731.36. Following the sale, the chief accounting officer owned 43,809 shares of the company’s stock, valued at $9,797,006.67. This trade represents a 2.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $230.65, for a total transaction of $11,610,459.70. Following the transaction, the director directly owned 32,756 shares of the company’s stock, valued at approximately $7,555,171.40. This trade represents a 60.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 351,139 shares of company stock valued at $81,300,853 in the last three months. 6.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Snowflake in the 2nd quarter valued at about $6,845,000. Kingstone Capital Partners Texas LLC acquired a new position in shares of Snowflake during the second quarter valued at approximately $3,900,134,000. Goldstream Capital Management Ltd acquired a new position in shares of Snowflake during the second quarter valued at approximately $3,801,000. Newbridge Financial Services Group Inc. lifted its position in shares of Snowflake by 81.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 20,141 shares of the company’s stock valued at $4,507,000 after acquiring an additional 9,052 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Snowflake by 2.2% in the second quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company’s stock worth $6,218,515,000 after acquiring an additional 595,553 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

About Snowflake

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.