Snowflake (NYSE:SNOW) Trading Down 1.6% – Here’s What Happened

Snowflake Inc. (NYSE:SNOW) shares fell 1.6% during trading on Wednesday . The company traded as low as $204.18 and last traded at $206.1220. 4,766,941 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 4,571,077 shares. The stock had previously closed at $209.39.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Stifel Nicolaus lifted their price target on Snowflake from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. Cowen reaffirmed a “buy” rating on shares of Snowflake in a research note on Thursday, December 4th. Rosenblatt Securities lifted their target price on shares of Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a report on Monday, December 1st. Canaccord Genuity Group increased their price target on shares of Snowflake from $260.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, December 4th. Finally, Barclays restated an “equal weight” rating and set a $250.00 price target (down previously from $290.00) on shares of Snowflake in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $275.58.

Snowflake Price Performance

The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $70.53 billion, a price-to-earnings ratio of -51.02 and a beta of 1.14. The stock’s 50-day simple moving average is $236.44 and its two-hundred day simple moving average is $229.05.

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

Insider Activity at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $221.16, for a total value of $89,127.48. Following the transaction, the director owned 24,121 shares in the company, valued at $5,334,600.36. This trade represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $220.44, for a total value of $2,601,412.44. Following the completion of the sale, the senior vice president directly owned 218,020 shares in the company, valued at $48,060,328.80. This represents a 5.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 418,681 shares of company stock worth $96,073,145 in the last quarter. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of large investors have recently modified their holdings of SNOW. Total Clarity Wealth Management Inc. boosted its position in Snowflake by 2.7% during the third quarter. Total Clarity Wealth Management Inc. now owns 1,508 shares of the company’s stock worth $340,000 after acquiring an additional 40 shares during the last quarter. Diligent Investors LLC lifted its stake in Snowflake by 0.9% in the 3rd quarter. Diligent Investors LLC now owns 4,594 shares of the company’s stock worth $1,036,000 after purchasing an additional 40 shares in the last quarter. Coastline Trust Co lifted its stake in Snowflake by 1.0% in the 3rd quarter. Coastline Trust Co now owns 4,183 shares of the company’s stock worth $943,000 after purchasing an additional 42 shares in the last quarter. Capital Advantage Inc. boosted its holdings in shares of Snowflake by 1.1% during the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock worth $987,000 after purchasing an additional 48 shares during the last quarter. Finally, Wedbush Securities Inc. boosted its holdings in shares of Snowflake by 1.3% during the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock worth $832,000 after purchasing an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.