Snowflake (NYSE:SNOW) Shares Up 1.6%

Snowflake Inc. (NYSE:SNOW) shares shot up 1.6% during mid-day trading on Wednesday . The company traded as high as $155.08 and last traded at $153.54. 1,346,214 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 6,527,418 shares. The stock had previously closed at $151.17.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SNOW. UBS Group upped their price target on Snowflake from $185.00 to $225.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. Oppenheimer decreased their price objective on Snowflake from $240.00 to $220.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Needham & Company LLC decreased their price objective on Snowflake from $265.00 to $240.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Citigroup decreased their price objective on Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a report on Monday, March 4th. Finally, Barclays decreased their price objective on Snowflake from $198.00 to $188.00 and set an “equal weight” rating for the company in a report on Friday, March 1st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average price target of $202.00.

Snowflake Stock Down 1.6 %

The business has a 50 day simple moving average of $171.35 and a 200-day simple moving average of $178.97.

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

Insider Transactions at Snowflake

In other news, SVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $220.00, for a total value of $2,200,000.00. Following the transaction, the senior vice president now directly owns 736,567 shares in the company, valued at approximately $162,044,740. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, 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 owns 31,542 shares in the company, valued at approximately $5,000,037.84. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $220.00, for a total value of $2,200,000.00. Following the sale, the senior vice president now owns 736,567 shares in the company, valued at $162,044,740. The disclosure for this sale can be found here. Insiders have sold a total of 168,209 shares of company stock worth $34,291,592 in the last three months. 8.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after buying an additional 1,559,830 shares during the last quarter. FMR LLC grew its position in Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after buying an additional 1,496,235 shares during the last quarter. Sands Capital Management LLC grew its position in Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after buying an additional 610,970 shares during the last quarter. Norges Bank acquired a new position in Snowflake in the fourth quarter worth approximately $838,455,000. Finally, Northern Trust Corp grew its position in Snowflake by 5.4% in the third quarter. Northern Trust Corp now owns 1,882,281 shares of the company’s stock worth $287,556,000 after buying an additional 95,814 shares during the last quarter. Institutional investors 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.