Investors Buy Large Volume of Call Options on Snowflake (NYSE:SNOW)

Snowflake Inc. (NYSE:SNOW) was the recipient of unusually large options trading on Wednesday. Stock investors purchased 112,578 call options on the company. This is an increase of 26% compared to the typical volume of 89,033 call options.

Insider Buying and Selling

In other Snowflake news, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the transaction, the insider now directly owns 53,250 shares of the company’s stock, valued at $5,932,582.50. The trade was a 0.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction dated 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 transaction, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 279,278 shares of company stock valued at $45,125,233. 7.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snowflake

Several large investors have recently added to or reduced their stakes in the business. State Street Corp lifted its position in Snowflake by 0.8% during the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after buying an additional 54,909 shares during the period. Geode Capital Management LLC lifted its position in Snowflake by 3.5% during the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after buying an additional 138,663 shares during the period. Two Sigma Advisers LP lifted its position in Snowflake by 27.9% during the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after buying an additional 881,700 shares during the period. Ontario Teachers Pension Plan Board increased its stake in Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after acquiring an additional 2,559,144 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in Snowflake by 11.5% during the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after acquiring an additional 223,936 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Up 6.0 %

Shares of NYSE:SNOW opened at $186.55 on Thursday. The company has a quick ratio of 1.58, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake has a 52-week low of $107.13 and a 52-week high of $237.72. The stock’s fifty day simple moving average is $130.10 and its 200-day simple moving average is $128.82. The company has a market capitalization of $62.53 billion, a P/E ratio of -55.03 and a beta of 1.03.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SNOW shares. Argus started coverage on Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating for the company. Canaccord Genuity Group decreased their target price on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Bank of America boosted their target price on Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, November 21st. Loop Capital decreased their target price on Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, August 21st. Finally, StockNews.com cut Snowflake from a “hold” rating to a “sell” rating in a research note on Thursday, November 28th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $181.09.

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.