Snowflake Inc. (NYSE:SNOW) Sees Large Drop in Short Interest

Snowflake Inc. (NYSE:SNOW) was the target of a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 10,220,000 shares, a decline of 18.4% from the December 15th total of 12,530,000 shares. Based on an average daily volume of 6,460,000 shares, the days-to-cover ratio is presently 1.6 days.

Analyst Ratings Changes

Several research analysts have weighed in on the company. StockNews.com downgraded Snowflake from a “hold” rating to a “sell” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Jefferies Financial Group boosted their price target on shares of Snowflake from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Needham & Company LLC lifted their target price on Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Finally, Piper Sandler increased their price target on Snowflake from $185.00 to $208.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $188.06.

Snowflake Price Performance

Shares of SNOW stock opened at $167.90 on Friday. The company has a market capitalization of $55.43 billion, a P/E ratio of -49.53 and a beta of 1.05. The company’s 50-day simple moving average is $160.11 and its two-hundred day simple moving average is $134.83. Snowflake has a one year low of $107.13 and a one year high of $237.72. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Insider Buying and Selling at Snowflake

In related news, CAO Emily Ho sold 2,021 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $173.68, for a total value of $351,007.28. Following the transaction, the chief accounting officer now directly owns 26,874 shares of the company’s stock, valued at approximately $4,667,476.32. This trade represents a 6.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 45,896 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $176.06, for a total value of $8,080,449.76. Following the sale, the director now directly owns 208,735 shares of the company’s stock, valued at $36,749,884.10. This represents a 18.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 376,904 shares of company stock worth $62,545,855 in the last three months. 7.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Toronto Dominion Bank lifted its holdings in shares of Snowflake by 24.1% in the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock worth $4,276,000 after buying an additional 7,239 shares during the period. Independent Advisor Alliance lifted its stake in Snowflake by 15.5% in the third quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock worth $468,000 after acquiring an additional 548 shares during the period. Franklin Resources Inc. grew its holdings in Snowflake by 1.4% during the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock worth $66,086,000 after acquiring an additional 7,373 shares in the last quarter. Diversified Trust Co grew its holdings in Snowflake by 174.8% during the 4th quarter. Diversified Trust Co now owns 4,906 shares of the company’s stock worth $758,000 after acquiring an additional 3,121 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Snowflake by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,247,511 shares of the company’s stock valued at $143,289,000 after purchasing an additional 36,704 shares during the period. 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.