Snowflake (NYSE:SNOW) Shares Gap Down – What’s Next?

Snowflake Inc. (NYSE:SNOW) gapped down prior to trading on Tuesday . The stock had previously closed at $119.56, but opened at $116.90. Snowflake shares last traded at $116.76, with a volume of 592,119 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. JMP Securities decreased their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research report on Thursday, August 22nd. Stifel Nicolaus cut their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a report on Monday, August 19th. Bank of America cut their target price on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. TD Cowen decreased their target price on Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, August 19th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $175.00 price target on shares of Snowflake in a research note on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $174.74.

Snowflake Price Performance

The stock has a fifty day moving average of $116.35 and a two-hundred day moving average of $132.52. The firm has a market capitalization of $38.03 billion, a price-to-earnings ratio of -40.57 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period in the previous year, the firm earned ($0.52) earnings per share. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. On average, research analysts forecast that Snowflake Inc. will post -2.41 EPS for the current year.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the executive vice president now directly owns 718,773 shares in the company, valued at approximately $86,252,760. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Snowflake news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the executive vice president now directly owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock worth $7,049,994 over the last quarter. Company insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Large investors have recently made changes to their positions in the company. Covestor Ltd boosted its holdings in Snowflake by 25.0% in the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after acquiring an additional 70 shares in the last quarter. Joseph P. Lucia & Associates LLC raised its holdings in Snowflake by 2.6% during the first quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock worth $478,000 after buying an additional 75 shares during the last quarter. Modus Advisors LLC lifted its stake in shares of Snowflake by 3.9% in the third quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock valued at $286,000 after buying an additional 94 shares in the last quarter. Iron Gate Global Advisors LLC grew its holdings in shares of Snowflake by 0.9% during the first quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,878,000 after buying an additional 105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Snowflake by 30.3% during the first quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock worth $72,000 after acquiring an additional 108 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.