Snowflake (NYSE:SNOW) Shares Down 1.1% After Insider Selling

Shares of Snowflake Inc. (NYSE:SNOW) were down 1.1% on Wednesday following insider selling activity. The stock traded as low as $149.11 and last traded at $150.30. Approximately 4,705,665 shares traded hands during trading, a decline of 10% from the average daily volume of 5,239,566 shares. The stock had previously closed at $151.98.

Specifically, CAO Emily Ho sold 1,500 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $156.98, for a total transaction of $235,470.00. Following the completion of the sale, the chief accounting officer now directly owns 28,393 shares of the company’s stock, valued at $4,457,133.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Benoit Dageville sold 8,515 shares of Snowflake stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following the completion of the sale, the insider now directly owns 55,216 shares in the company, valued at $8,627,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Emily Ho sold 1,500 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $156.98, for a total transaction of $235,470.00. Following the transaction, the chief accounting officer now owns 28,393 shares in the company, valued at $4,457,133.14. The disclosure for this sale can be found here. Insiders have sold 180,555 shares of company stock valued at $36,868,487 in the last quarter. 8.30% of the stock is owned by insiders.

Analyst Ratings Changes

SNOW has been the topic of a number of recent research reports. HSBC reiterated a “reduce” rating on shares of Snowflake in a research note on Thursday, February 29th. KeyCorp started coverage on Snowflake in a report on Thursday, April 11th. They issued an “overweight” rating and a $185.00 price target on the stock. Bank of America decreased their price objective on Snowflake from $265.00 to $212.00 and set a “neutral” rating for the company in a research note on Thursday, February 29th. Needham & Company LLC cut their target price on Snowflake from $265.00 to $240.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. Finally, Rosenblatt Securities raised shares of Snowflake from a “neutral” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Friday, April 5th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Trading Down 0.2 %

The company has a fifty day moving average of $179.56 and a 200-day moving average of $179.04. The company has a market capitalization of $49.61 billion, a price-to-earnings ratio of -58.22 and a beta of 0.91.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The firm had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. As a group, equities research analysts expect that Snowflake Inc. will post -1.9 EPS for the current year.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently modified their holdings of the business. Accent Capital Management LLC acquired a new stake in Snowflake in the 4th quarter valued at about $25,000. Mango Five Family Inc. purchased a new position in Snowflake during the fourth quarter worth approximately $26,000. Ulland Investment Advisors LLC boosted its stake in Snowflake by 270.0% during the third quarter. Ulland Investment Advisors LLC now owns 185 shares of the company’s stock worth $28,000 after buying an additional 135 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its holdings in Snowflake by 333.3% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock valued at $29,000 after buying an additional 100 shares in the last quarter. Finally, Provence Wealth Management Group acquired a new stake in shares of Snowflake in the 3rd quarter worth $30,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

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.