Snowflake (NYSE:SNOW) Trading 1.6% Higher

Snowflake Inc. (NYSE:SNOW)’s stock price traded up 1.6% during mid-day trading on Wednesday . The stock traded as high as $112.47 and last traded at $112.19. 974,447 shares were traded during mid-day trading, a decline of 85% from the average session volume of 6,668,963 shares. The stock had previously closed at $110.41.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. KeyCorp lifted their price target on Snowflake from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $195.00 target price on shares of Snowflake in a research report on Monday, August 19th. Scotiabank decreased their price target on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 22nd. Oppenheimer reissued an “outperform” rating and set a $220.00 price objective on shares of Snowflake in a research note on Thursday, May 23rd. Finally, Sanford C. Bernstein raised their target price on shares of Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a research note on Thursday, May 23rd. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $176.03.

Snowflake Trading Up 0.8 %

The stock has a market capitalization of $37.40 billion, a PE ratio of -39.90 and a beta of 0.83. The stock has a 50 day moving average price of $127.10 and a 200-day moving average price of $147.49.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same period last year, the firm posted ($0.52) earnings per share. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. Research analysts forecast that Snowflake Inc. will post -2.42 earnings per share for the current year.

Insider Activity at Snowflake

In other news, insider Benoit Dageville sold 558 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total transaction of $71,596.98. Following the completion of the sale, the insider now 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 at this hyperlink. In related news, Director Frank Slootman sold 1,476 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $128.47, for a total transaction of $189,621.72. Following the completion of the transaction, the director now directly owns 230,527 shares in the company, valued at approximately $29,615,803.69. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Benoit Dageville sold 558 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total transaction 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 $8,112,014.82. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 512,678 shares of company stock worth $63,434,135. 7.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in shares of Snowflake during the second quarter worth about $3,352,000. Strategic Investment Solutions Inc. IL bought a new position in Snowflake in the 2nd quarter worth approximately $142,000. Cetera Investment Advisers boosted its stake in Snowflake by 8.0% in the 2nd quarter. Cetera Investment Advisers now owns 68,800 shares of the company’s stock worth $9,294,000 after purchasing an additional 5,112 shares during the period. EP Wealth Advisors LLC purchased a new stake in Snowflake during the 2nd quarter valued at approximately $201,000. Finally, Quarry LP raised its position in shares of Snowflake by 608.2% during the second quarter. Quarry LP now owns 949 shares of the company’s stock valued at $128,000 after buying an additional 815 shares during the last quarter. Hedge funds and other 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.