Snowflake (NYSE:SNOW) Stock Price Up 2.8%

Snowflake Inc. (NYSE:SNOW)’s stock price rose 2.8% during trading on Tuesday . The company traded as high as $116.32 and last traded at $115.79. Approximately 1,263,556 shares were traded during trading, a decline of 80% from the average daily volume of 6,429,928 shares. The stock had previously closed at $112.63.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Mizuho cut their target price on Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Loop Capital cut their price objective on Snowflake from $235.00 to $225.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Wedbush reaffirmed a “neutral” rating and set a $210.00 price objective on shares of Snowflake in a research note on Wednesday, June 5th. Rosenblatt Securities reissued a “buy” rating and issued a $195.00 target price on shares of Snowflake in a research report on Thursday, June 6th. Finally, Piper Sandler cut their price target on shares of Snowflake from $240.00 to $165.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $197.31.

Snowflake Stock Up 1.9 %

The business has a 50-day simple moving average of $132.71 and a 200-day simple moving average of $161.85. The stock has a market cap of $38.44 billion, a P/E ratio of -41.35 and a beta of 0.85.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data 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). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The firm had revenue of $828.71 million during the quarter, compared to analyst estimates of $786.95 million. On average, analysts predict that Snowflake Inc. will post -2.28 earnings per share for the current fiscal year.

Insider Activity

In other Snowflake news, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the sale, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Snowflake news, insider Benoit Dageville sold 558 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the completion of the sale, the insider now directly owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total transaction of $241,725.00. Following the transaction, the executive vice president now owns 772,597 shares in the company, valued at approximately $124,504,006.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 520,678 shares of company stock valued at $64,962,300. 7.80% of the stock is owned by insiders.

Institutional Trading of Snowflake

Hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in Snowflake in the fourth quarter valued at about $838,455,000. Swedbank AB acquired a new position in shares of Snowflake in the 1st quarter worth approximately $258,957,000. Vanguard Group Inc. lifted 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 worth $4,176,755,000 after buying an additional 1,559,830 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in Snowflake in the 1st quarter valued at $171,608,000. Finally, Trivest Advisors Ltd bought a new stake in Snowflake in the fourth quarter valued at $173,747,000. Institutional investors 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.