Snowflake (NYSE:SNOW) Shares Down 2.8% – Here’s What Happened

Snowflake Inc. (NYSE:SNOW) shares fell 2.8% during mid-day trading on Tuesday . The stock traded as low as $318.50 and last traded at $323.2080. Approximately 3,955,289 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 6,770,043 shares. The stock had previously closed at $332.35.

Wall Street Analyst Weigh In

SNOW has been the topic of a number of recent research reports. Citigroup raised their price target on shares of Snowflake from $395.00 to $490.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Morgan Stanley lifted their target price on Snowflake from $300.00 to $470.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. Needham & Company LLC lifted their price target on shares of Snowflake from $330.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. JPMorgan Chase & Co. upped their price objective on shares of Snowflake from $285.00 to $426.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Finally, Royal Bank Of Canada raised their target price on shares of Snowflake from $372.00 to $440.00 and gave the company an “outperform” rating in a research report on Thursday, September 3rd. Thirty-four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $414.24.

Snowflake Stock Down 2.8%

The firm has a market capitalization of $114.03 billion, a price-to-earnings ratio of -101.64 and a beta of 1.33. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a fifty day moving average of $306.58 and a two-hundred day moving average of $227.42.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%.The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the firm posted $0.35 earnings per share. The business’s quarterly revenue was up 35.1% on a year-over-year basis. Sell-side analysts anticipate that Snowflake Inc. will post -1.6 earnings per share for the current year.

Insider Activity

In related news, EVP Christian Kleinerman sold 25,000 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $325.00, for a total transaction of $8,125,000.00. Following the sale, the executive vice president owned 340,379 shares in the company, valued at $110,623,175. This represents a 6.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 289,685 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $274.39, for a total value of $79,486,667.15. Following the sale, the director directly owned 28,535 shares of the company’s stock, valued at $7,829,718.65. This represents a 91.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,216,974 shares of company stock worth $350,103,983 over the last ninety days. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Institutional investors and hedge funds have recently modified their holdings of the business. MV Capital Management Inc. bought a new position in Snowflake during the fourth quarter worth $32,000. Copos Capital S.a r.l. bought a new stake in Snowflake in the fourth quarter valued at $35,000. SHP Wealth Management acquired a new position in shares of Snowflake during the fourth quarter valued at about $39,000. Basecamp Wealth Advisors LLC raised its holdings in shares of Snowflake by 140.5% during the first quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock valued at $30,000 after purchasing an additional 118 shares during the period. Finally, Emerald Advisers LLC boosted its position in shares of Snowflake by 95.2% during the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock worth $31,000 after purchasing an additional 100 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

About Snowflake

Snowflake Inc (NYSE: SNOW) is a cloud-based data platform company that helps organizations store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and business intelligence across public cloud environments.

Snowflake’s Data Cloud enables customers to consolidate and access structured, semi-structured and unstructured data while supporting secure data sharing and collaboration. Its offerings include Snowflake Cortex, which provides artificial intelligence and machine-learning capabilities, as well as tools for developing data applications and using data from Snowflake’s marketplace and partner ecosystem.

Founded in 2012, Snowflake serves businesses, government organizations and other institutions globally through cloud infrastructure provided by major public-cloud platforms.