Snowflake (NYSE:SNOW) Shares Gap Up Following Insider Buying Activity

Snowflake Inc. (NYSE:SNOW) gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $160.04, but opened at $164.02. Snowflake shares last traded at $164.88, with a volume of 1,630,022 shares trading hands.

Specifically, CEO Sridhar Ramaswamy bought 31,542 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were acquired at an average cost of $158.52 per share, for a total transaction of $5,000,037.84. Following the acquisition, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Sridhar Ramaswamy purchased 31,542 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were acquired at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the completion of the acquisition, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 12,636 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $157.32, for a total transaction of $1,987,895.52. Following the sale, the executive vice president now owns 748,257 shares in the company, valued at approximately $117,715,791.24. The disclosure for this sale can be found here. Insiders have sold 184,355 shares of company stock worth $37,679,411 in the last ninety days. 8.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wells Fargo & Company boosted their target price on shares of Snowflake from $190.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, November 30th. Guggenheim raised shares of Snowflake from a “sell” rating to a “neutral” rating in a research report on Friday, March 15th. Raymond James boosted their target price on shares of Snowflake from $190.00 to $223.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. StockNews.com downgraded shares of Snowflake from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Monness Crespi & Hardt raised shares of Snowflake from a “sell” rating to a “neutral” rating in a report on Monday, March 18th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $202.50.

Snowflake Stock Performance

The firm has a market capitalization of $54.17 billion, a price-to-earnings ratio of -62.76 and a beta of 0.94. The business’s 50-day moving average is $195.94 and its two-hundred day moving average is $179.43.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.05. The firm had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.80%. Analysts forecast that Snowflake Inc. will post -1.92 EPS for the current year.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after purchasing an additional 1,559,830 shares during the last quarter. BlackRock Inc. grew its stake in shares of Snowflake by 5.0% in the second quarter. BlackRock Inc. now owns 14,088,422 shares of the company’s stock valued at $2,479,280,000 after buying an additional 674,196 shares in the last quarter. FMR LLC grew its stake in shares of Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after buying an additional 1,496,235 shares in the last quarter. State Street Corp grew its stake in shares of Snowflake by 3.0% in the second quarter. State Street Corp now owns 5,953,850 shares of the company’s stock valued at $1,047,759,000 after buying an additional 170,914 shares in the last quarter. Finally, Sands Capital Management LLC grew its stake in shares of Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after buying an additional 610,970 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.