Snowflake (NYSE:SNOW) Stock Price Down 1%

Snowflake Inc. (NYSE:SNOW) was down 1% during mid-day trading on Tuesday . The stock traded as low as $149.11 and last traded at $150.40. Approximately 1,488,766 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 6,713,499 shares. The stock had previously closed at $151.98.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $175.00 price target (down previously from $230.00) on shares of Snowflake in a report on Thursday, February 29th. HSBC reiterated a “reduce” rating on shares of Snowflake in a research note on Thursday, February 29th. Citigroup reduced their price objective on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a report on Monday, March 4th. JMP Securities upped their target price on shares of Snowflake from $212.00 to $235.00 and gave the company a “market outperform” rating in a research note on Thursday, February 29th. Finally, Rosenblatt Securities upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Friday, April 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $202.00.

Snowflake Price Performance

The stock has a market cap of $50.46 billion, a price-to-earnings ratio of -58.98 and a beta of 0.91. The firm has a 50 day simple moving average of $183.70 and a two-hundred day simple moving average of $179.49.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. The business had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. On average, sell-side analysts expect that Snowflake Inc. will post -1.92 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other Snowflake news, CRO Christopher William Degnan sold 2,346 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $203.28, for a total value of $476,894.88. Following the completion of the transaction, the executive now directly owns 102,007 shares of the company’s stock, valued at $20,735,982.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Frank Slootman sold 86,078 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the sale, the chief executive officer now directly owns 180,143 shares in the company, valued at $40,555,593.59. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Christopher William Degnan sold 2,346 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $203.28, for a total value of $476,894.88. Following the transaction, the executive now owns 102,007 shares of the company’s stock, valued at approximately $20,735,982.96. The disclosure for this sale can be found here. Insiders have sold a total of 179,055 shares of company stock valued at $36,633,917 over the last three months. 8.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Accent Capital Management LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at about $25,000. Mango Five Family Inc. bought a new position in shares of Snowflake in the 4th quarter valued at about $26,000. Ulland Investment Advisors LLC increased its stake in shares of Snowflake by 270.0% during the 3rd quarter. Ulland Investment Advisors LLC now owns 185 shares of the company’s stock worth $28,000 after purchasing an additional 135 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its stake in Snowflake by 333.3% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 100 shares during the last quarter. Finally, Provence Wealth Management Group bought a new position in Snowflake during the third quarter worth about $30,000. 65.10% of the stock is currently owned by institutional investors.

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.