Snowflake (NYSE:SNOW) Trading 1.7% Higher

Snowflake Inc. (NYSE:SNOW)’s stock price shot up 1.7% on Thursday . The company traded as high as $113.62 and last traded at $112.61. 1,280,673 shares traded hands during trading, a decline of 80% from the average session volume of 6,534,565 shares. The stock had previously closed at $110.78.

Analysts Set New Price Targets

SNOW has been the topic of a number of recent analyst reports. Piper Sandler restated an “overweight” rating and set a $165.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. Mizuho lowered their price target on Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Scotiabank dropped their price target on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 22nd. Citigroup cut their target price on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, August 20th. Finally, StockNews.com cut Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Stock Down 3.3 %

The stock has a 50 day moving average price of $120.87 and a 200 day moving average price of $139.56. The stock has a market capitalization of $36.96 billion, a price-to-earnings ratio of -39.38 and a beta of 0.83.

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

Insider Activity

In other Snowflake news, EVP Grzegorz Czajkowski sold 469,120 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the transaction, the executive vice president now owns 494,942 shares in the company, valued at $60,922,410.78. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Grzegorz Czajkowski sold 469,120 shares of Snowflake stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the transaction, the executive vice president now owns 494,942 shares of the company’s stock, valued at $60,922,410.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Emily Ho sold 3,845 shares of the stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $130.39, for a total value of $501,349.55. Following the completion of the sale, the chief accounting officer now directly owns 30,613 shares of the company’s stock, valued at $3,991,629.07. The disclosure for this sale can be found here. Insiders sold a total of 517,203 shares of company stock worth $63,833,373 in the last three months. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several large investors have recently made changes to their positions in the business. Commerce Bank increased its position in Snowflake by 0.8% in the fourth quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after buying an additional 51 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in Snowflake by 0.5% during the 1st quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock worth $2,179,000 after purchasing an additional 70 shares in the last quarter. Covestor Ltd boosted its stake in Snowflake by 25.0% in the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the period. IAM Advisory LLC grew its holdings in Snowflake by 2.0% during the 1st quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock valued at $600,000 after buying an additional 74 shares in the last quarter. Finally, Joseph P. Lucia & Associates LLC increased its holdings in Snowflake by 2.6% during the 1st quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock worth $478,000 after acquiring an additional 75 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.