Snowflake (NYSE:SNOW) Trading Down 1%

Snowflake Inc. (NYSE:SNOW) fell 1% during trading on Monday . The stock traded as low as $125.78 and last traded at $125.96. 1,086,731 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 6,453,086 shares. The stock had previously closed at $127.17.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Macquarie cut their price target on Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, May 24th. StockNews.com lowered Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Truist Financial decreased their price target on Snowflake from $250.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. Needham & Company LLC restated a “buy” rating and set a $210.00 price objective on shares of Snowflake in a research note on Wednesday, June 5th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $220.00 target price on shares of Snowflake in a research report on Thursday, May 23rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target of $198.92.

Snowflake Stock Up 2.3 %

The stock has a market cap of $43.57 billion, a P/E ratio of -44.99 and a beta of 0.85. The firm’s 50-day moving average is $150.51 and its two-hundred day moving average is $177.33.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The business had revenue of $828.71 million for the quarter, compared to the consensus estimate of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. Analysts anticipate that Snowflake Inc. will post -2.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the sale, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Snowflake news, Director Michael L. Speiser purchased 76,200 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were purchased at an average price of $131.09 per share, for a total transaction of $9,989,058.00. Following the completion of the purchase, the director now directly owns 1,632,225 shares of the company’s stock, valued at $213,968,375.25. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Benoit Dageville sold 558 shares of Snowflake stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the sale, the insider now directly owns 63,222 shares in the company, valued at $8,112,014.82. The disclosure for this sale can be found here. Insiders sold 39,862 shares of company stock valued at $5,895,712 over the last quarter. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in Snowflake by 15.7% in the third quarter. PNC Financial Services Group Inc. now owns 21,159 shares of the company’s stock worth $3,232,000 after purchasing an additional 2,870 shares in the last quarter. Kestra Advisory Services LLC lifted its position in shares of Snowflake by 13.7% during the third quarter. Kestra Advisory Services LLC now owns 19,826 shares of the company’s stock worth $3,029,000 after purchasing an additional 2,391 shares in the last quarter. Rafferty Asset Management LLC grew its stake in shares of Snowflake by 16.6% during the third quarter. Rafferty Asset Management LLC now owns 26,533 shares of the company’s stock valued at $4,053,000 after purchasing an additional 3,786 shares during the last quarter. Korea Investment CORP increased its holdings in shares of Snowflake by 78.0% in the third quarter. Korea Investment CORP now owns 185,410 shares of the company’s stock valued at $28,325,000 after purchasing an additional 81,247 shares in the last quarter. Finally, QRG Capital Management Inc. acquired a new position in Snowflake during the 3rd quarter worth $4,892,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

About Snowflake

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.