Snowflake (NYSE:SNOW) Shares Down 3.2%

Shares of Snowflake Inc. (NYSE:SNOW) were down 3.2% during trading on Monday . The company traded as low as $152.56 and last traded at $153.52. Approximately 1,780,683 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 6,727,193 shares. The stock had previously closed at $158.56.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SNOW shares. Rosenblatt Securities raised shares of Snowflake from a “neutral” rating to a “buy” rating and set a $185.00 target price for the company in a report on Friday, April 5th. HSBC reiterated a “reduce” rating on shares of Snowflake in a report on Thursday, February 29th. Bank of America dropped their price objective on shares of Snowflake from $265.00 to $212.00 and set a “neutral” rating for the company in a report on Thursday, February 29th. Needham & Company LLC dropped their price objective on shares of Snowflake from $265.00 to $240.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Finally, Wedbush raised their price objective on shares of Snowflake from $144.00 to $210.00 and gave the company a “neutral” rating in a report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Stock Performance

The firm has a 50 day simple moving average of $184.98 and a two-hundred day simple moving average of $179.48. The firm has a market capitalization of $50.71 billion, a P/E ratio of -60.20 and a beta of 0.91.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. The company had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. Sell-side analysts anticipate that Snowflake Inc. will post -1.92 earnings per share for the current year.

Insider Transactions at Snowflake

In other news, CEO Sridhar Ramaswamy acquired 31,542 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the acquisition, the chief executive officer now owns 31,542 shares in the company, valued at approximately $5,000,037.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Snowflake news, EVP Christian Kleinerman sold 12,636 shares of Snowflake stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $157.32, for a total transaction of $1,987,895.52. Following the completion of the transaction, the executive vice president now owns 748,257 shares of the company’s stock, valued at approximately $117,715,791.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sridhar Ramaswamy bought 31,542 shares of Snowflake stock in a transaction on Monday, March 25th. The shares were bought at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the acquisition, the chief executive officer now directly owns 31,542 shares in the company, valued at $5,000,037.84. The disclosure for this purchase can be found here. Insiders have sold 180,555 shares of company stock worth $36,918,917 in the last ninety days. Company insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SNOW. IAM Advisory LLC grew its holdings in shares of Snowflake by 2.0% during the first quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock worth $600,000 after purchasing an additional 74 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new position in shares of Snowflake during the first quarter worth about $215,000. Ayalon Insurance Comp Ltd. purchased a new position in shares of Snowflake during the first quarter worth about $2,486,000. Arkfeld Wealth Strategies L.L.C. grew its holdings in shares of Snowflake by 40.2% during the first quarter. Arkfeld Wealth Strategies L.L.C. now owns 5,263 shares of the company’s stock worth $805,000 after purchasing an additional 1,510 shares in the last quarter. Finally, Riverview Trust Co purchased a new position in shares of Snowflake during the first quarter worth about $31,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.