Snowflake (NYSE:SNOW) Shares Up 2%

Snowflake Inc. (NYSE:SNOW)’s share price was up 2% during trading on Friday . The stock traded as high as $145.99 and last traded at $145.74. Approximately 1,403,428 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 6,597,133 shares. The stock had previously closed at $142.86.

Analysts Set New Price Targets

Several equities research analysts have commented on SNOW shares. KeyCorp upped their price objective on Snowflake from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. The Goldman Sachs Group restated a “buy” rating and issued a $220.00 price objective on shares of Snowflake in a research report on Monday. Macquarie decreased their target price on Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, May 24th. Wells Fargo & Company decreased their target price on Snowflake from $225.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, June 21st. Finally, Robert W. Baird decreased their target price on Snowflake from $210.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus target price of $199.46.

Snowflake Stock Performance

The firm has a market capitalization of $48.19 billion, a price-to-earnings ratio of -52.05 and a beta of 0.85. The business has a 50 day simple moving average of $145.02 and a 200-day simple moving average of $171.84.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The business had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. Equities analysts predict that Snowflake Inc. will post -2.28 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other news, CAO Emily Ho sold 3,845 shares of the stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total transaction of $501,349.55. Following the completion of the transaction, the chief accounting officer now directly owns 30,613 shares in the company, valued at approximately $3,991,629.07. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Emily Ho sold 3,845 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total transaction of $501,349.55. Following the completion of the transaction, the chief accounting officer now directly owns 30,613 shares in the company, valued at approximately $3,991,629.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the transaction, the executive vice president now owns 494,942 shares of the company’s stock, valued at $60,922,410.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 519,112 shares of company stock worth $64,932,073. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Modus Advisors LLC boosted its stake in shares of Snowflake by 19.8% in the 2nd quarter. Modus Advisors LLC now owns 2,397 shares of the company’s stock valued at $324,000 after buying an additional 396 shares during the period. Red Spruce Capital LLC boosted its stake in shares of Snowflake by 15.3% in the 2nd quarter. Red Spruce Capital LLC now owns 13,055 shares of the company’s stock valued at $1,764,000 after buying an additional 1,731 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Snowflake by 30.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock valued at $72,000 after buying an additional 108 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of Snowflake by 23.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after acquiring an additional 43,062 shares in the last quarter. Finally, Cota Capital Management LLC acquired a new stake in shares of Snowflake during the 1st quarter worth about $980,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.