Investors Buy Large Volume of Call Options on Snowflake (NYSE:SNOW)

Snowflake Inc. (NYSE:SNOW) saw some unusual options trading activity on Wednesday. Stock traders acquired 103,951 call options on the company. This represents an increase of 44% compared to the typical volume of 72,032 call options.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. StockNews.com raised shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Tuesday. Loop Capital reduced their target price on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Piper Sandler reissued an “overweight” rating and set a $165.00 target price on shares of Snowflake in a report on Thursday, August 22nd. Finally, Jefferies Financial Group dropped their price objective on Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $172.09.

Insider Activity

In related news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the sale, the executive vice president now owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,538 shares of company stock worth $7,061,544. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Hedge funds and other institutional investors have recently made changes to their positions in the business. Covestor Ltd lifted its holdings in shares of Snowflake by 25.0% in the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after acquiring an additional 70 shares during the last quarter. Modus Advisors LLC boosted its holdings in shares of Snowflake by 3.9% during the 3rd quarter. Modus Advisors LLC now owns 2,491 shares of the company’s stock worth $286,000 after buying an additional 94 shares in the last quarter. Catalyst Private Wealth LLC lifted its holdings in shares of Snowflake by 3.2% in the 3rd quarter. Catalyst Private Wealth LLC now owns 3,329 shares of the company’s stock worth $382,000 after purchasing an additional 104 shares in the last quarter. Iron Gate Global Advisors LLC lifted its stake in Snowflake by 0.9% during the 1st quarter. Iron Gate Global Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,878,000 after acquiring an additional 105 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Snowflake by 30.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 465 shares of the company’s stock valued at $72,000 after purchasing an additional 108 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Snowflake Stock Up 4.2 %

NYSE SNOW traded up $5.22 on Wednesday, hitting $130.68. The stock had a trading volume of 11,337,772 shares, compared to its average volume of 6,486,430. Snowflake has a one year low of $107.13 and a one year high of $237.72. The stock has a market cap of $43.80 billion, a price-to-earnings ratio of -43.67 and a beta of 0.83. The company’s 50-day moving average is $115.64 and its two-hundred day moving average is $128.89.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the prior year, the business earned ($0.52) EPS. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Snowflake will post -2.41 earnings per share for the current year.

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.