Snowflake (NYSE:SNOW) Shares Gap Down After Insider Selling

Snowflake Inc. (NYSE:SNOW) shares gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $177.31, but opened at $167.26. Snowflake shares last traded at $169.34, with a volume of 1,172,998 shares.

Specifically, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the completion of the transaction, the executive vice president now directly owns 594,975 shares of the company’s stock, valued at $102,186,956.25. This trade represents a 2.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Ratings Changes

SNOW has been the subject of a number of analyst reports. Citigroup raised their target price on shares of Snowflake from $225.00 to $230.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Stifel Nicolaus raised their price objective on Snowflake from $187.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 27th. TD Cowen lifted their target price on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Guggenheim reissued a “neutral” rating on shares of Snowflake in a report on Thursday, February 27th. Finally, Monness Crespi & Hardt boosted their target price on shares of Snowflake from $188.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $202.92.

Snowflake Stock Down 12.0 %

The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $51.53 billion, a P/E ratio of -46.05 and a beta of 1.07. The firm has a 50 day simple moving average of $173.80 and a two-hundred day simple moving average of $146.71.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC raised its position in Snowflake by 13.9% in the third quarter. Janney Montgomery Scott LLC now owns 34,093 shares of the company’s stock valued at $3,916,000 after purchasing an additional 4,168 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of Snowflake by 33.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 38,956 shares of the company’s stock worth $4,474,000 after purchasing an additional 9,743 shares during the period. Asset Management One Co. Ltd. boosted its position in Snowflake by 2.1% during the third quarter. Asset Management One Co. Ltd. now owns 113,628 shares of the company’s stock valued at $13,051,000 after acquiring an additional 2,391 shares during the last quarter. Malaga Cove Capital LLC grew its stake in Snowflake by 44.5% during the third quarter. Malaga Cove Capital LLC now owns 7,457 shares of the company’s stock worth $857,000 after purchasing an additional 2,295 shares during the period. Finally, Olympiad Research LP acquired a new stake in shares of Snowflake during the 3rd quarter worth approximately $255,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.