Snowflake (NYSE:SNOW) Stock Price Down 0.3%

Snowflake Inc. (NYSE:SNOW) was down 0.3% on Tuesday . The stock traded as low as $140.70 and last traded at $142.29. Approximately 2,276,103 shares changed hands during trading, a decline of 66% from the average daily volume of 6,629,891 shares. The stock had previously closed at $142.77.

Analyst Ratings Changes

Several equities research analysts have weighed in on SNOW shares. JPMorgan Chase & Co. upped their price target on Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. BNP Paribas upgraded Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 price target on the stock in a report on Thursday, May 2nd. Stifel Nicolaus cut their price target on Snowflake from $220.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Scotiabank cut their price target on Snowflake from $207.00 to $195.00 and set a “sector outperform” rating on the stock in a report on Thursday, May 23rd. Finally, StockNews.com downgraded Snowflake from a “hold” rating to a “sell” rating in a report on Friday, May 24th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $199.46.

Snowflake Stock Performance

The business has a 50-day simple moving average of $145.65 and a two-hundred day simple moving average of $172.66. The company has a market capitalization of $47.58 billion, a price-to-earnings ratio of -50.82 and a beta of 0.85.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) EPS 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 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 predict that Snowflake Inc. will post -2.28 EPS for the current fiscal year.

Insider Activity

In other news, Director Michael L. Speiser acquired 76,200 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average cost of $131.09 per share, with a total value of $9,989,058.00. Following the purchase, the director now directly owns 1,632,225 shares of the company’s stock, valued at approximately $213,968,375.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $156.38, for a total value of $234,570.00. Following the completion of the transaction, the executive vice president now directly owns 774,097 shares of the company’s stock, valued at approximately $121,053,288.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Speiser purchased 76,200 shares of the company’s stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $131.09 per share, with a total value of $9,989,058.00. Following the transaction, the director now directly owns 1,632,225 shares of the company’s stock, valued at approximately $213,968,375.25. The disclosure for this purchase can be found here. Insiders sold 519,112 shares of company stock valued at $64,932,073 in the last three months. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Snowflake by 1.4% during the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after buying an additional 297,428 shares in the last quarter. Jennison Associates LLC grew its position in shares of Snowflake by 3.7% in the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after purchasing an additional 249,249 shares during the period. Sands Capital Management LLC grew its position in shares of Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after purchasing an additional 610,970 shares during the period. Norges Bank purchased a new stake in shares of Snowflake in the fourth quarter valued at $838,455,000. Finally, WCM Investment Management LLC grew its position in shares of Snowflake by 0.6% in the first quarter. WCM Investment Management LLC now owns 1,848,043 shares of the company’s stock valued at $298,644,000 after purchasing an additional 11,677 shares during the period. Hedge funds and other institutional investors 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.