Snowflake (NYSE:SNOW) Shares Down 3.2%

Shares of Snowflake Inc. (NYSE:SNOW) traded down 3.2% during trading on Thursday . The company traded as low as $126.11 and last traded at $126.16. 1,040,082 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 6,405,400 shares. The stock had previously closed at $130.38.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wells Fargo & Company cut their target price on shares of Snowflake from $225.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, June 21st. Royal Bank of Canada dropped their price target on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 5th. Loop Capital dropped their price target on shares of Snowflake from $235.00 to $225.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. UBS Group lifted their price target on shares of Snowflake from $185.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, May 23rd. Finally, KeyCorp lifted their price target on shares of Snowflake from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.31.

Snowflake Stock Down 3.6 %

The company has a market capitalization of $40.10 billion, a P/E ratio of -42.77 and a beta of 0.85. The company’s 50-day simple moving average is $133.58 and its 200 day simple moving average is $162.73.

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

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 1,500 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the transaction, the executive vice president now owns 772,597 shares in the company, valued at approximately $124,504,006.55. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the sale, the executive vice president now owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the completion of the sale, the executive vice president now directly owns 494,942 shares in the company, valued at approximately $60,922,410.78. The disclosure for this sale can be found here. Insiders sold a total of 520,678 shares of company stock worth $64,962,300 in the last ninety days. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snowflake

A number of hedge funds have recently added to or reduced their stakes in the stock. Choreo LLC raised its position in shares of Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after acquiring an additional 1,294 shares during the period. Trexquant Investment LP raised its position in shares of Snowflake by 266.3% in the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock valued at $2,089,000 after acquiring an additional 7,633 shares during the period. Ridgewood Investments LLC acquired a new stake in shares of Snowflake in the 1st quarter valued at approximately $244,000. LRI Investments LLC acquired a new stake in shares of Snowflake in the 1st quarter valued at approximately $29,000. Finally, Congress Wealth Management LLC DE acquired a new stake in shares of Snowflake in the 4th quarter valued at approximately $232,000. 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.