Snowflake (NYSE:SNOW) Stock Price Down 4.9%

Snowflake Inc. (NYSE:SNOW)’s stock price dropped 4.9% during mid-day trading on Monday . The company traded as low as $107.93 and last traded at $113.87. Approximately 2,171,503 shares were traded during trading, a decline of 66% from the average daily volume of 6,434,028 shares. The stock had previously closed at $119.77.

Analysts Set New Price Targets

Several brokerages have weighed in on SNOW. Royal Bank of Canada lowered their target price on Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 5th. Mizuho lowered their price objective on Snowflake from $205.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Stifel Nicolaus lowered their price objective on Snowflake from $220.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. StockNews.com downgraded Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Finally, Barclays upped their target price on Snowflake from $188.00 to $191.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 23rd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $197.31.

Snowflake Stock Down 5.9 %

The company has a 50-day moving average price of $133.58 and a 200 day moving average price of $162.37.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The firm had revenue of $828.71 million for the quarter, compared to analyst estimates of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. Research analysts expect that Snowflake Inc. will post -2.28 EPS for the current year.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total transaction of $241,725.00. Following the transaction, the executive vice president now directly owns 772,597 shares in the company, valued at $124,504,006.55. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total value of $241,725.00. Following the transaction, the executive vice president now directly owns 772,597 shares in the company, valued at $124,504,006.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Emily Ho sold 6,500 shares of Snowflake stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $158.36, for a total value of $1,029,340.00. Following the completion of the transaction, the chief accounting officer now owns 36,076 shares in the company, valued at $5,712,995.36. The disclosure for this sale can be found here. Insiders have sold a total of 520,678 shares of company stock worth $64,962,300 over the last three months. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNOW. Accent Capital Management LLC acquired a new stake in Snowflake during the fourth quarter valued at approximately $25,000. LRI Investments LLC boosted its holdings in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in Snowflake during the second quarter valued at approximately $27,000. Riverview Trust Co acquired a new stake in Snowflake during the first quarter valued at approximately $31,000. Finally, Hartford Financial Management Inc. acquired a new stake in Snowflake during the first quarter valued at approximately $32,000. 65.10% of the stock is currently owned by institutional investors.

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.