Insider Selling: Snowflake Inc. (NYSE:SNOW) Director Sells $715,051.89 in Stock

Snowflake Inc. (NYSE:SNOW) Director Frank Slootman sold 6,251 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $715,051.89. Following the completion of the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at $23,877,196.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Frank Slootman also recently made the following trade(s):

• On Tuesday, September 10th, Frank Slootman sold 1,606 shares of Snowflake stock. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76.
• On Thursday, June 20th, Frank Slootman sold 3,455 shares of Snowflake stock. The stock was sold at an average price of $126.08, for a total value of $435,606.40.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $110.26 on Friday. The stock has a market capitalization of $36.96 billion, a PE ratio of -39.38 and a beta of 0.83. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72. The stock has a 50 day moving average price of $120.87 and a 200 day moving average price of $139.56.

Snowflake (NYSE:SNOW) last posted its quarterly 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. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. During the same period in the prior year, the firm posted ($0.52) earnings per share. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. As a group, research analysts forecast that Snowflake Inc. will post -2.42 EPS for the current year.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cavalry Management Group LLC bought a new stake in Snowflake in the second quarter valued at approximately $430,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Snowflake by 5,565.1% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 121,800 shares of the company’s stock worth $16,454,000 after acquiring an additional 119,650 shares during the last quarter. Newbridge Financial Services Group Inc. raised its stake in Snowflake by 27.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,342 shares of the company’s stock valued at $451,000 after acquiring an additional 722 shares during the period. Heritage Wealth Management Inc. acquired a new stake in Snowflake during the 2nd quarter valued at $530,000. Finally, Sanctuary Advisors LLC bought a new position in Snowflake during the second quarter worth $3,352,000. Institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SNOW shares. Mizuho cut their price target on Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. Canaccord Genuity Group dropped their price target on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Stifel Nicolaus reduced their price objective on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Finally, DA Davidson lowered their target price on shares of Snowflake from $230.00 to $175.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $176.03.

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.