Snowflake (NYSE:SNOW) Shares Down 2.3% – Here’s Why

Snowflake Inc. (NYSE:SNOW) dropped 2.3% during mid-day trading on Tuesday . The company traded as low as $228.40 and last traded at $233.26. Approximately 2,685,274 shares traded hands during trading, a decline of 50% from the average daily volume of 5,321,655 shares. The stock had previously closed at $238.66.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Canaccord Genuity Group lifted their price objective on shares of Snowflake from $220.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Wedbush raised their target price on shares of Snowflake from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Morgan Stanley lifted their price target on shares of Snowflake from $262.00 to $272.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Macquarie upped their price target on shares of Snowflake from $210.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, August 28th. Finally, Sanford C. Bernstein lifted their target price on Snowflake from $191.00 to $221.00 and gave the stock a “market perform” rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus price target of $255.53.

Snowflake Stock Performance

The firm has a market cap of $77.35 billion, a P/E ratio of -55.82 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The stock’s 50-day moving average price is $211.91 and its 200 day moving average price is $186.20.

Insider Activity

In related news, Director Frank Slootman sold 710,083 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the sale, the director directly owned 165,507 shares in the company, valued at $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 3,216,909 shares of company stock valued at $717,287,181 over the last three months. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Advantage Inc. grew its holdings in shares of Snowflake by 1.1% during the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock worth $987,000 after acquiring an additional 48 shares during the period. Wedbush Securities Inc. lifted its holdings in shares of Snowflake by 1.3% in the second quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock worth $832,000 after buying an additional 48 shares in the last quarter. Avion Wealth raised its position in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after buying an additional 49 shares in the last quarter. Insigneo Advisory Services LLC raised its holdings in shares of Snowflake by 1.3% in the second quarter. Insigneo Advisory Services LLC now owns 4,003 shares of the company’s stock worth $896,000 after buying an additional 52 shares during the period. Finally, Advyzon Investment Management LLC increased its holdings in Snowflake by 3.8% during the 2nd quarter. Advyzon Investment Management LLC now owns 1,520 shares of the company’s stock worth $340,000 after purchasing an additional 55 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.