Snowflake (NYSE:SNOW) Shares Down 1.1% After Insider Selling

Snowflake Inc. (NYSE:SNOW)’s share price dropped 1.1% during trading on Wednesday following insider selling activity. The stock traded as low as $149.11 and last traded at $150.30. Approximately 4,705,665 shares were traded during trading, a decline of 10% from the average daily volume of 5,239,566 shares. The stock had previously closed at $151.98.

Specifically, CAO Emily Ho sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.98, for a total transaction of $235,470.00. Following the completion of the sale, the chief accounting officer now owns 28,393 shares of the company’s stock, valued at $4,457,133.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Emily Ho sold 1,500 shares of Snowflake stock in a transaction on Monday, March 18th. The shares were sold at an average price of $156.98, for a total value of $235,470.00. Following the transaction, the chief accounting officer now owns 28,393 shares in the company, valued at approximately $4,457,133.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frank Slootman sold 86,078 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the transaction, the chief executive officer now directly owns 180,143 shares of the company’s stock, valued at approximately $40,555,593.59. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 180,555 shares of company stock valued at $36,868,487. Corporate insiders own 8.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SNOW shares. JMP Securities increased their price objective on Snowflake from $212.00 to $235.00 and gave the company a “market outperform” rating in a research report on Thursday, February 29th. Wedbush raised their price target on shares of Snowflake from $144.00 to $210.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 28th. Stifel Nicolaus cut their price objective on shares of Snowflake from $235.00 to $220.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Oppenheimer reduced their target price on shares of Snowflake from $240.00 to $220.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Finally, KeyCorp began coverage on Snowflake in a research note on Thursday, April 11th. They set an “overweight” rating and a $185.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Stock Performance

The stock has a 50-day moving average of $179.56 and a 200 day moving average of $179.04. The firm has a market capitalization of $49.61 billion, a P/E ratio of -58.22 and a beta of 0.91.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The company had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. On average, equities analysts predict that Snowflake Inc. will post -1.9 EPS for the current year.

Institutional Investors Weigh In On Snowflake

A number of hedge funds have recently added to or reduced their stakes in the stock. Rakuten Securities Inc. bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $790,000. Sequoia Financial Advisors LLC increased its stake in shares of Snowflake by 209.3% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock valued at $927,000 after buying an additional 3,152 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Snowflake during the third quarter worth $458,000. Glynn Capital Management LLC lifted its stake in shares of Snowflake by 3.1% during the third quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock valued at $28,786,000 after acquiring an additional 5,629 shares during the period. Finally, Raymond James & Associates boosted its holdings in Snowflake by 55.9% in the fourth quarter. Raymond James & Associates now owns 295,486 shares of the company’s stock valued at $58,802,000 after acquiring an additional 105,937 shares during the last quarter. 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.