Snowflake (NYSE:SNOW) Stock Price Down 0.9%

Snowflake Inc. (NYSE:SNOW)’s stock price was down 0.9% during mid-day trading on Monday . The company traded as low as $112.26 and last traded at $112.60. Approximately 575,466 shares changed hands during trading, a decline of 91% from the average daily volume of 6,548,272 shares. The stock had previously closed at $113.67.

Analyst Ratings Changes

A number of analysts recently issued reports on SNOW shares. UBS Group decreased their price objective on Snowflake from $171.00 to $155.00 and set a “neutral” rating on the stock in a research note on Monday, August 19th. Bank of America decreased their price objective on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Evercore ISI decreased their price objective on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Stifel Nicolaus decreased their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Finally, JPMorgan Chase & Co. boosted their price objective on Snowflake from $170.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Price Performance

The stock has a market cap of $37.09 billion, a PE ratio of -39.56 and a beta of 0.83. The business has a 50 day moving average price of $121.87 and a two-hundred day moving average price of $140.21.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.52) earnings per share. On average, sell-side analysts forecast that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now owns 218,246 shares in the company, valued at $23,998,330.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The disclosure for this sale can be found here. Insiders sold a total of 512,262 shares of company stock worth $63,340,261 over the last quarter. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. boosted its position in shares of Snowflake by 27.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 3,342 shares of the company’s stock valued at $451,000 after buying an additional 722 shares during the last quarter. Heritage Wealth Management Inc. purchased a new stake in shares of Snowflake during the second quarter valued at $530,000. Sanctuary Advisors LLC purchased a new stake in shares of Snowflake during the second quarter valued at $3,352,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Snowflake during the second quarter valued at $142,000. Finally, Cetera Investment Advisers boosted its position in shares of Snowflake by 8.0% during the second quarter. Cetera Investment Advisers now owns 68,800 shares of the company’s stock valued at $9,294,000 after buying an additional 5,112 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

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.