Snowflake (NYSE:SNOW) Stock Price Down 1.1% Following Insider Selling

Shares of Snowflake Inc. (NYSE:SNOW) traded down 1.1% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $182.30 and last traded at $184.44. 2,171,272 shares were traded during mid-day trading, a decline of 68% from the average session volume of 6,804,548 shares. The stock had previously closed at $186.51.

Specifically, CRO Christopher William Degnan sold 12,782 shares of Snowflake stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $174.06, for a total transaction of $2,224,834.92. Following the completion of the transaction, the executive now directly owns 323,731 shares in the company, valued at approximately $56,348,617.86. The trade was a 3.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 2,218 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $175.00, for a total value of $388,150.00. Following the completion of the sale, the director now owns 208,735 shares in the company, valued at approximately $36,528,625. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. In other Snowflake news, Director Frank Slootman sold 59,617 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $176.25, for a total value of $10,507,496.25. Following the transaction, the director now directly owns 208,735 shares in the company, valued at $36,789,543.75. The trade was a 22.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

SNOW has been the subject of several research reports. Bank of America lifted their price target on Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, November 21st. Truist Financial restated a “buy” rating and issued a $210.00 price target on shares of Snowflake in a research note on Thursday, November 21st. KeyCorp lifted their price objective on shares of Snowflake from $185.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday. StockNews.com cut shares of Snowflake from a “hold” rating to a “sell” rating in a report on Thursday, November 28th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $175.00 price target on shares of Snowflake in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $181.80.

Snowflake Trading Down 1.1 %

The company has a quick ratio of 1.58, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average price of $130.10 and a 200 day moving average price of $128.82. The stock has a market capitalization of $61.82 billion, a PE ratio of -54.41 and a beta of 1.03.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently bought and sold shares of the company. State Street Corp grew its holdings in shares of Snowflake by 0.8% in the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock valued at $788,755,000 after acquiring an additional 54,909 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Snowflake by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after purchasing an additional 138,663 shares during the last quarter. Two Sigma Advisers LP boosted its holdings in shares of Snowflake by 27.9% in the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after buying an additional 881,700 shares during the last quarter. Ontario Teachers Pension Plan Board grew its position in Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after buying an additional 2,559,144 shares during the period. Finally, Legal & General Group Plc raised its position in Snowflake by 11.5% in the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after acquiring an additional 223,936 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.