Snowflake (NYSE:SNOW) Stock Price Down 0.9% After Insider Selling

Snowflake Inc. (NYSE:SNOW)’s share price dropped 0.9% during trading on Thursday following insider selling activity. The company traded as low as $160.65 and last traded at $161.12. Approximately 1,563,819 shares changed hands during trading, a decline of 77% from the average daily volume of 6,763,973 shares. The stock had previously closed at $162.59.

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on SNOW. Hsbc Global Res upgraded Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. Scotiabank increased their price objective on Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research report on Monday, December 9th. Monness Crespi & Hardt boosted their target price on shares of Snowflake from $140.00 to $188.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Barclays raised their price target on shares of Snowflake from $172.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada boosted their price objective on shares of Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $184.46.

Snowflake Stock Up 1.0 %

The firm has a market cap of $54.21 billion, a price-to-earnings ratio of -48.44 and a beta of 1.03. The firm has a 50 day moving average of $142.93 and a 200 day moving average of $130.46. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Hedge Funds Weigh In On Snowflake

Institutional investors and hedge funds have recently made changes to their positions in the stock. LRI Investments LLC increased its stake in Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Snowflake during the second quarter valued at about $27,000. Groupama Asset Managment bought a new stake in shares of Snowflake during the third quarter worth about $25,000. V Square Quantitative Management LLC acquired a new stake in shares of Snowflake in the 3rd quarter worth about $30,000. Finally, Fortitude Family Office LLC bought a new position in Snowflake in the 3rd quarter valued at about $34,000. 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.