Snowflake (NYSE:SNOW) Trading 1.7% Higher

Snowflake Inc. (NYSE:SNOW)’s share price traded up 1.7% during mid-day trading on Thursday . The stock traded as high as $128.10 and last traded at $127.75. 1,092,195 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 6,457,676 shares. The stock had previously closed at $125.62.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Loop Capital lowered their price objective on shares of Snowflake from $235.00 to $225.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. JPMorgan Chase & Co. upped their price target on shares of Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Piper Sandler lowered their price target on shares of Snowflake from $240.00 to $165.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Canaccord Genuity Group lowered their price target on shares of Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Finally, Wells Fargo & Company lowered their price target on shares of Snowflake from $225.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, June 21st. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average price target of $197.31.

Snowflake Trading Down 0.5 %

The company’s fifty day simple moving average is $136.95 and its 200-day simple moving average is $165.08.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.40). The business had revenue of $828.71 million during the quarter, compared to analysts’ expectations of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. As a group, equities research analysts predict that Snowflake Inc. will post -2.28 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Grzegorz Czajkowski sold 469,120 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the sale, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total transaction of $241,725.00. Following the sale, the executive vice president now directly owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the transaction, the executive vice president now owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The disclosure for this sale can be found here. Insiders have sold 533,460 shares of company stock valued at $66,963,450 over the last ninety days. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNOW. Choreo LLC boosted its holdings in shares of Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after buying an additional 1,294 shares in the last quarter. Trexquant Investment LP boosted its holdings in shares of Snowflake by 266.3% in the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock valued at $2,089,000 after buying an additional 7,633 shares in the last quarter. Ridgewood Investments LLC acquired a new position in shares of Snowflake in the 1st quarter valued at $244,000. Congress Wealth Management LLC DE acquired a new position in shares of Snowflake in the 4th quarter valued at $232,000. Finally, Riverview Trust Co acquired a new position in shares of Snowflake in the 1st quarter valued at $31,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.