Snowflake (NYSE:SNOW) Shares Gap Up to $152.50

Snowflake Inc. (NYSE:SNOW)’s share price gapped up before the market opened on Friday . The stock had previously closed at $152.50, but opened at $159.76. Snowflake shares last traded at $158.38, with a volume of 1,239,867 shares.

Wall Street Analysts Forecast Growth

SNOW has been the topic of several analyst reports. Guggenheim raised shares of Snowflake from a “sell” rating to a “neutral” rating in a research note on Friday, March 15th. Redburn Atlantic reissued a “sell” rating and issued a $125.00 target price (down from $180.00) on shares of Snowflake in a research report on Tuesday, March 19th. Bank of America decreased their target price on shares of Snowflake from $265.00 to $212.00 and set a “neutral” rating on the stock in a research report on Thursday, February 29th. Monness Crespi & Hardt raised shares of Snowflake from a “sell” rating to a “neutral” rating in a research report on Monday, March 18th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Snowflake from $200.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Three investment 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 company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Price Performance

The company has a market cap of $52.85 billion, a price-to-earnings ratio of -61.97 and a beta of 0.91. The firm’s fifty day moving average price is $171.35 and its 200-day moving average price is $178.97.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. As a group, equities analysts forecast that Snowflake Inc. will post -1.9 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In related news, EVP Grzegorz Czajkowski sold 683 shares of Snowflake stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $110,249.86. Following the sale, the executive vice president now directly owns 86,208 shares in the company, valued at $13,915,695.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Snowflake news, CEO Frank Slootman sold 86,078 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $225.13, for a total value of $19,378,740.14. Following the sale, the chief executive officer now directly owns 180,143 shares in the company, valued at $40,555,593.59. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Grzegorz Czajkowski sold 683 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $110,249.86. Following the sale, the executive vice president now owns 86,208 shares in the company, valued at approximately $13,915,695.36. 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 over the last ninety days. 8.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC grew its stake in Snowflake by 123.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 8,438 shares of the company’s stock valued at $1,289,000 after acquiring an additional 4,660 shares in the last quarter. UMB Bank n.a. grew its stake in Snowflake by 43.5% during the 3rd quarter. UMB Bank n.a. now owns 2,565 shares of the company’s stock valued at $392,000 after acquiring an additional 778 shares in the last quarter. Gemmer Asset Management LLC purchased a new position in Snowflake during the 3rd quarter valued at about $3,999,000. Handelsbanken Fonder AB grew its stake in Snowflake by 1.9% during the 3rd quarter. Handelsbanken Fonder AB now owns 60,612 shares of the company’s stock valued at $9,260,000 after acquiring an additional 1,149 shares in the last quarter. Finally, Slow Capital Inc. grew its stake in shares of Snowflake by 3.9% in the 3rd quarter. Slow Capital Inc. now owns 21,346 shares of the company’s stock valued at $3,261,000 after buying an additional 798 shares in the last quarter. 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.