Michael Scarpelli Sells 300,000 Shares of Snowflake Inc. (NYSE:SNOW) Stock

Snowflake Inc. (NYSE:SNOW) CFO Michael Scarpelli sold 300,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares of the company’s stock, valued at approximately $47,756,878.10. This trade represents a 50.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Snowflake Stock Down 4.1 %

SNOW opened at $150.60 on Friday. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $194.40. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The company’s 50-day moving average is $171.99 and its 200 day moving average is $151.02. The firm has a market capitalization of $49.71 billion, a P/E ratio of -44.42 and a beta of 1.07.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Massachusetts Financial Services Co. MA purchased a new position in Snowflake in the third quarter worth $11,252,000. Cerity Partners LLC raised its stake in shares of Snowflake by 10.1% during the 3rd quarter. Cerity Partners LLC now owns 53,966 shares of the company’s stock worth $6,198,000 after purchasing an additional 4,960 shares during the period. Larson Financial Group LLC raised its stake in shares of Snowflake by 81.3% during the 3rd quarter. Larson Financial Group LLC now owns 339 shares of the company’s stock worth $39,000 after purchasing an additional 152 shares during the period. Independent Advisor Alliance boosted its holdings in shares of Snowflake by 15.5% in the 3rd quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock worth $468,000 after buying an additional 548 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Snowflake by 1.9% during the third quarter. The Manufacturers Life Insurance Company now owns 33,815 shares of the company’s stock valued at $3,884,000 after buying an additional 633 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SNOW shares. Wedbush set a $210.00 price target on shares of Snowflake in a research note on Wednesday, January 22nd. Mizuho lifted their target price on Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Cantor Fitzgerald increased their price target on Snowflake from $201.00 to $228.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a research note on Thursday, February 27th. Finally, Barclays upped their target price on Snowflake from $190.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, February 27th. Nine investment analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.08.

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.