Snowflake (NYSE:SNOW) Trading Down 1.1% Following Insider Selling

Snowflake Inc. (NYSE:SNOW) fell 1.1% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $125.53 and last traded at $126.35. 1,150,019 shares were traded during mid-day trading, a decline of 82% from the average session volume of 6,502,376 shares. The stock had previously closed at $127.80.

Specifically, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the completion of the sale, the insider now owns 63,222 shares in the company, valued at $8,112,014.82. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the completion of the transaction, the insider now owns 63,222 shares of the company’s stock, valued at $8,112,014.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was 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 directly owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The disclosure for this sale can be found here. Insiders sold a total of 46,147 shares of company stock worth $6,686,742 over the last quarter. 7.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on Snowflake from $170.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. JMP Securities reaffirmed a “market outperform” rating and issued a $235.00 price objective on shares of Snowflake in a research note on Tuesday, June 4th. Mizuho reduced their price target on Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. Canaccord Genuity Group reduced their price target on Snowflake from $230.00 to $215.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Finally, Truist Financial reduced their price objective on Snowflake from $250.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. Three research 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 has an average rating of “Moderate Buy” and an average target price of $198.64.

Snowflake Trading Down 2.3 %

The stock has a 50-day simple moving average of $147.15 and a 200 day simple moving average of $174.84. The company has a market cap of $41.79 billion, a price-to-earnings ratio of -44.58 and a beta of 0.85.

Snowflake (NYSE:SNOW) last released 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). The company had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. As a group, research analysts forecast that Snowflake Inc. will post -2.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its stake in shares of Snowflake by 30.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock valued at $72,000 after purchasing an additional 108 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after acquiring an additional 43,062 shares during the last quarter. Cota Capital Management LLC acquired a new position in Snowflake in the first quarter valued at approximately $980,000. Garde Capital Inc. lifted its holdings in Snowflake by 148.6% in the first quarter. Garde Capital Inc. now owns 5,158 shares of the company’s stock valued at $833,000 after acquiring an additional 3,083 shares during the last quarter. Finally, Cetera Advisors LLC lifted its holdings in Snowflake by 76.5% in the first quarter. Cetera Advisors LLC now owns 28,831 shares of the company’s stock valued at $4,659,000 after acquiring an additional 12,497 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.