Snowflake (NYSE:SNOW) Shares Down 0.8% Following Insider Selling

Snowflake Inc. (NYSE:SNOW)’s stock price fell 0.8% on Wednesday after an insider sold shares in the company. The stock traded as low as $167.73 and last traded at $169.47. 813,580 shares traded hands during trading, a decline of 88% from the average session volume of 6,768,954 shares. The stock had previously closed at $170.81.

Specifically, EVP Christian Kleinerman sold 3,029 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $171.00, for a total value of $517,959.00. Following the completion of the transaction, the executive vice president now owns 684,639 shares in the company, valued at $117,073,269. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 6,714 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $171.00, for a total value of $1,148,094.00. Following the sale, the director now owns 196,454 shares in the company, valued at approximately $33,593,634. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

SNOW has been the subject of a number of research reports. Truist Financial reaffirmed a “buy” rating and set a $210.00 target price on shares of Snowflake in a report on Thursday, November 21st. Bank of America lifted their price objective on shares of Snowflake from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, November 21st. Barclays increased their price objective on shares of Snowflake from $172.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Friday, December 6th. Wedbush downgraded shares of Snowflake from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Finally, Citigroup cut their price target on Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research report on Monday, November 18th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $184.46.

Snowflake Price Performance

The stock’s fifty day moving average price is $142.93 and its 200-day moving average price is $130.46. The firm has a market cap of $53.85 billion, a PE ratio of -48.12 and a beta of 1.03. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Institutional Trading of Snowflake

Hedge funds have recently bought and sold shares of the business. Oddo BHF Asset Management Sas acquired a new position in shares of Snowflake during the 3rd quarter valued at about $12,145,000. Garde Capital Inc. boosted its holdings in Snowflake by 9.5% in the 3rd quarter. Garde Capital Inc. now owns 6,050 shares of the company’s stock valued at $695,000 after purchasing an additional 526 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Snowflake by 1.4% in the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock valued at $66,086,000 after buying an additional 7,373 shares during the period. Synovus Financial Corp increased its holdings in shares of Snowflake by 28.6% during the 3rd quarter. Synovus Financial Corp now owns 6,077 shares of the company’s stock worth $698,000 after buying an additional 1,352 shares during the last quarter. Finally, Blankinship & Foster LLC purchased a new stake in shares of Snowflake during the 3rd quarter valued at approximately $896,000. Institutional investors and hedge funds 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.