Snowflake (NYSE:SNOW) Stock Price Up 0.5%

Snowflake Inc. (NYSE:SNOW) shares were up 0.5% on Thursday . The stock traded as high as $128.28 and last traded at $127.94. Approximately 2,013,474 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 6,333,357 shares. The stock had previously closed at $127.30.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Robert W. Baird decreased their price target on shares of Snowflake from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. Barclays lifted their price target on shares of Snowflake from $188.00 to $191.00 and gave the stock an “equal weight” rating in a report on Thursday, May 23rd. Wedbush reissued a “neutral” rating and issued a $210.00 price objective on shares of Snowflake in a research report on Wednesday, June 5th. Sanford C. Bernstein boosted their price target on Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a research note on Thursday, May 23rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $197.97.

Snowflake Trading Down 0.2 %

The stock has a market capitalization of $42.54 billion, a PE ratio of -45.74 and a beta of 0.85. The firm’s fifty day moving average is $130.08 and its 200-day moving average is $158.22.

Snowflake (NYSE:SNOW) last posted 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 company had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. As a group, equities analysts predict that Snowflake Inc. will post -2.31 EPS for the current year.

Insider Activity at Snowflake

In other Snowflake news, EVP Grzegorz Czajkowski sold 469,120 shares of Snowflake stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total value of $57,743,980.80. Following the completion of the transaction, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Snowflake news, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total transaction of $71,596.98. Following the sale, the insider now owns 63,222 shares in the company, valued at approximately $8,112,014.82. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the completion of the sale, the executive vice president now directly owns 494,942 shares in the company, valued at approximately $60,922,410.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 534,178 shares of company stock worth $66,520,575. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

A number of institutional investors and hedge funds have recently modified their holdings of SNOW. Comerica Bank increased its holdings in shares of Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after acquiring an additional 4,296 shares during the period. Choreo LLC increased its position in Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after acquiring an additional 1,294 shares during the period. Trexquant Investment LP raised its stake in Snowflake by 266.3% during the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock valued at $2,089,000 after acquiring an additional 7,633 shares during the last quarter. Ridgewood Investments LLC acquired a new stake in Snowflake during the 1st quarter worth approximately $244,000. Finally, Cetera Investment Advisers increased its holdings in shares of Snowflake by 201.5% in the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after purchasing an additional 42,563 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

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.