Snowflake (NYSE:SNOW) Trading Down 2.8% – What’s Next?

Snowflake Inc. (NYSE:SNOW)’s stock price dropped 2.8% on Wednesday . The stock traded as low as $216.00 and last traded at $216.26. Approximately 9,089,855 shares traded hands during mid-day trading, an increase of 73% from the average daily volume of 5,267,033 shares. The stock had previously closed at $222.60.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SNOW shares. Wells Fargo & Company upped their target price on shares of Snowflake from $275.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Sanford C. Bernstein reissued a “market perform” rating and issued a $237.00 price objective on shares of Snowflake in a report on Thursday, December 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Snowflake in a research note on Wednesday, October 8th. Oppenheimer reiterated an “outperform” rating on shares of Snowflake in a research report on Friday, November 21st. Finally, The Goldman Sachs Group raised their price target on Snowflake from $230.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $274.78.

Snowflake Price Performance

The stock has a 50 day moving average of $251.27 and a two-hundred day moving average of $227.19. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.48 and a current ratio of 1.37. The stock has a market cap of $73.27 billion, a PE ratio of -53.53 and a beta of 1.09.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.31 by $0.04. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The firm’s quarterly revenue was up 28.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.20 EPS. Equities analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $223.88, for a total value of $2,238,800.00. Following the transaction, the executive vice president owned 532,450 shares in the company, valued at approximately $119,204,906. This represents a 1.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $257.30, for a total transaction of $12,951,967.40. Following the completion of the transaction, the director directly owned 33,596 shares in the company, valued at $8,644,250.80. This trade represents a 59.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 218,819 shares of company stock valued at $52,823,885. Company insiders own 6.80% of the company’s stock.

Institutional Trading of Snowflake

A number of institutional investors and hedge funds have recently made changes to their positions in SNOW. IFP Advisors Inc boosted its stake in shares of Snowflake by 1.9% during the 3rd quarter. IFP Advisors Inc now owns 11,773 shares of the company’s stock worth $2,655,000 after acquiring an additional 219 shares in the last quarter. Swiss Life Asset Management Ltd grew its holdings in Snowflake by 9.1% during the third quarter. Swiss Life Asset Management Ltd now owns 34,116 shares of the company’s stock valued at $7,695,000 after purchasing an additional 2,856 shares during the last quarter. Investment Research Partners LLC bought a new position in shares of Snowflake in the third quarter valued at approximately $228,000. Strategic Advocates LLC acquired a new stake in shares of Snowflake in the third quarter worth $45,000. Finally, Manhattan West Asset Management LLC boosted its holdings in shares of Snowflake by 0.7% during the 3rd quarter. Manhattan West Asset Management LLC now owns 13,332 shares of the company’s stock worth $3,007,000 after buying an additional 94 shares during the period. 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.