Snowflake Target of Unusually Large Options Trading (NYSE:SNOW)

Snowflake Inc. (NYSE:SNOW) saw unusually large options trading activity on Wednesday. Investors purchased 106,376 call options on the stock. This is an increase of approximately 28% compared to the typical daily volume of 83,130 call options.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now directly owns 718,773 shares in the company, valued at $86,252,760. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now directly owns 718,773 shares of the company’s stock, valued at $86,252,760. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,538 shares of company stock valued at $3,449,994 in the last 90 days. 7.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently made changes to their positions in the stock. Modus Advisors LLC raised its holdings in Snowflake by 3.9% in the 3rd quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after purchasing an additional 94 shares in the last quarter. Sanders Morris Harris LLC lifted its position in Snowflake by 33.3% in the 3rd quarter. Sanders Morris Harris LLC now owns 7,000 shares of the company’s stock valued at $804,000 after acquiring an additional 1,750 shares in the last quarter. Perpetual Ltd boosted its stake in Snowflake by 2.5% during the 3rd quarter. Perpetual Ltd now owns 6,294 shares of the company’s stock valued at $723,000 after purchasing an additional 154 shares during the last quarter. CWM LLC raised its stake in shares of Snowflake by 41.7% in the third quarter. CWM LLC now owns 171,882 shares of the company’s stock worth $19,742,000 after purchasing an additional 50,601 shares during the last quarter. Finally, Ignite Planners LLC raised its stake in shares of Snowflake by 31.0% in the third quarter. Ignite Planners LLC now owns 2,656 shares of the company’s stock worth $305,000 after purchasing an additional 628 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of NYSE SNOW traded up $5.61 during midday trading on Wednesday, reaching $119.13. The stock had a trading volume of 5,812,616 shares, compared to its average volume of 6,698,006. The company’s 50 day moving average price is $116.49 and its 200 day moving average price is $135.11. Snowflake has a twelve month low of $107.13 and a twelve month high of $237.72. The firm has a market cap of $39.93 billion, a price-to-earnings ratio of -42.70 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS 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 business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period last year, the company posted ($0.52) earnings per share. Snowflake’s quarterly revenue was up 28.9% compared to the same quarter last year. Equities analysts forecast that Snowflake will post -2.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Argus assumed coverage on Snowflake in a report on Tuesday, October 1st. They set a “hold” rating for the company. Scotiabank reduced their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 22nd. The Goldman Sachs Group restated a “buy” rating and issued a $220.00 price target on shares of Snowflake in a research note on Monday, July 1st. Needham & Company LLC lowered their target price on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $180.00 price target on shares of Snowflake in a research report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.74.

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.