Snowflake (NYSE:SNOW) Shares Down 1.1%

Snowflake Inc. (NYSE:SNOW)’s share price dropped 1.1% during mid-day trading on Wednesday . 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.

Analyst Ratings Changes

SNOW has been the subject of several research analyst reports. Stifel Nicolaus dropped their target price on shares of Snowflake from $235.00 to $220.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Mizuho restated a “buy” rating and issued a $205.00 price objective (down from $255.00) on shares of Snowflake in a report on Thursday, February 29th. Raymond James boosted their price objective on shares of Snowflake from $190.00 to $223.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Snowflake from $200.00 to $170.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Finally, Bank of America lowered their price objective on shares of Snowflake from $265.00 to $212.00 and set a “neutral” rating for the company in a report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target of $202.00.

Snowflake Trading Down 1.1 %

The stock has a market cap of $50.23 billion, a P/E ratio of -58.94 and a beta of 0.91. The stock’s fifty day moving average price is $182.44 and its 200 day moving average price is $179.47.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The firm had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. As a group, sell-side analysts forecast that Snowflake Inc. will post -1.92 earnings per share for the current year.

Insider Activity

In related news, CRO Christopher William Degnan sold 2,346 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $203.28, for a total value of $476,894.88. Following the transaction, the executive now owns 102,007 shares in the company, valued at approximately $20,735,982.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CRO Christopher William Degnan sold 2,346 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $203.28, for a total value of $476,894.88. Following the transaction, the executive now owns 102,007 shares in the company, valued at approximately $20,735,982.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sridhar Ramaswamy bought 31,542 shares of the stock in a transaction on Monday, March 25th. The shares were bought at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the purchase, the chief executive officer now directly owns 31,542 shares in the company, valued at approximately $5,000,037.84. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 179,055 shares of company stock worth $36,633,917. Corporate insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Snowflake by 8.0% during the 4th 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. increased its position in shares of Snowflake by 3.1% during the 1st quarter. BlackRock Inc. now owns 13,414,226 shares of the company’s stock valued at $2,069,681,000 after purchasing an additional 400,044 shares during the last quarter. FMR LLC increased its holdings in Snowflake by 32.1% in the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after acquiring an additional 1,496,235 shares in the last quarter. State Street Corp increased its holdings in Snowflake by 3.0% in the 1st quarter. State Street Corp now owns 5,782,936 shares of the company’s stock worth $892,229,000 after acquiring an additional 165,875 shares in the last quarter. Finally, Sands Capital Management LLC increased its holdings in Snowflake by 12.6% in the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after acquiring an additional 610,970 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.