Snowflake (NYSE:SNOW) Shares Up 0.1%

Snowflake Inc. (NYSE:SNOW) shares shot up 0.1% during mid-day trading on Tuesday . The stock traded as high as $114.39 and last traded at $112.95. 656,135 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 6,542,505 shares. The stock had previously closed at $112.84.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Citigroup dropped their target price on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, August 20th. The Goldman Sachs Group restated a “buy” rating and set a $220.00 price target on shares of Snowflake in a report on Monday, July 1st. Needham & Company LLC reduced their target price on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Barclays reduced their target price on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $175.00 price objective on shares of Snowflake in a research note 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Trading Down 0.8 %

The stock has a market cap of $37.54 billion, a P/E ratio of -40.34 and a beta of 0.83. The firm has a 50-day simple moving average of $122.92 and a two-hundred day simple moving average of $140.94.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same quarter last year, the business earned ($0.52) earnings per share. Snowflake’s revenue was up 28.9% on a year-over-year basis. Sell-side analysts predict that Snowflake Inc. will post -2.42 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the transaction, the director now owns 4,247 shares in the company, valued at $607,236.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction dated 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 of the company’s stock, valued at $23,998,330.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The disclosure for this sale can be found here. Insiders have sold a total of 512,262 shares of company stock worth $63,340,261 over the last 90 days. Insiders own 7.80% of the company’s stock.

Institutional Trading of Snowflake

Hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. lifted its stake in shares of Snowflake by 27.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 3,342 shares of the company’s stock worth $451,000 after acquiring an additional 722 shares during the period. Heritage Wealth Management Inc. acquired a new position in Snowflake in the second quarter valued at approximately $530,000. Sanctuary Advisors LLC acquired a new position in Snowflake in the second quarter valued at approximately $3,352,000. Strategic Investment Solutions Inc. IL acquired a new position in Snowflake in the second quarter valued at approximately $142,000. Finally, Cetera Investment Advisers increased its holdings in shares of Snowflake by 8.0% during the second quarter. Cetera Investment Advisers now owns 68,800 shares of the company’s stock valued at $9,294,000 after acquiring an additional 5,112 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

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.