Snowflake (NYSE:SNOW) Shares Down 2.8% – What’s Next?

Snowflake Inc. (NYSE:SNOW) dropped 2.8% during trading on Tuesday . The company traded as low as $318.50 and last traded at $323.2080. 3,955,289 shares traded hands during trading, a decline of 42% from the average session volume of 6,770,043 shares. The stock had previously closed at $332.35.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of research analyst reports. Barclays raised their target price on shares of Snowflake from $332.00 to $384.00 and gave the company an “equal weight” rating in a research note on Thursday, September 3rd. Piper Sandler reaffirmed an “overweight” rating and issued a $450.00 price target (up from $320.00) on shares of Snowflake in a research report on Thursday, September 3rd. Truist Financial set a $425.00 price objective on Snowflake and gave the company a “buy” rating in a research report on Thursday, September 3rd. Sanford C. Bernstein raised their price objective on shares of Snowflake from $195.00 to $250.00 and gave the stock a “market perform” rating in a research note on Thursday, May 28th. Finally, Citizens Jmp boosted their target price on shares of Snowflake from $408.00 to $488.00 and gave the stock a “market outperform” rating in a research report on Thursday, September 3rd. Thirty-four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average price target of $414.24.

Snowflake Stock Performance

The firm has a market capitalization of $114.03 billion, a price-to-earnings ratio of -101.64 and a beta of 1.33. The firm’s 50-day moving average price is $306.58 and its two-hundred day moving average price is $227.42. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.94 and a current ratio of 0.94.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.17. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the business posted $0.35 earnings per share. The company’s quarterly revenue was up 35.1% compared to the same quarter last year. Sell-side analysts predict that Snowflake Inc. will post -1.6 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Frank Slootman sold 48,990 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $320.78, for a total value of $15,715,012.20. Following the sale, the director owned 28,535 shares in the company, valued at approximately $9,153,457.30. The trade was a 63.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 50,000 shares of the company’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $350.00, for a total transaction of $17,500,000.00. Following the completion of the sale, the director directly owned 10,074 shares in the company, valued at approximately $3,525,900. The trade was a 83.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,216,974 shares of company stock worth $350,103,983 in the last quarter. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Institutional investors have recently added to or reduced their stakes in the company. North Dakota State Investment Board acquired a new position in shares of Snowflake in the fourth quarter valued at $3,495,000. Allstate Corp raised its holdings in Snowflake by 108.1% in the 4th quarter. Allstate Corp now owns 24,497 shares of the company’s stock valued at $5,374,000 after acquiring an additional 12,724 shares during the period. TimesSquare Capital Management LLC raised its holdings in Snowflake by 86.3% in the 4th quarter. TimesSquare Capital Management LLC now owns 209,653 shares of the company’s stock valued at $45,989,000 after acquiring an additional 97,128 shares during the period. William Blair Investment Management LLC lifted its position in Snowflake by 159.9% during the fourth quarter. William Blair Investment Management LLC now owns 1,346,998 shares of the company’s stock worth $295,477,000 after acquiring an additional 828,789 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in Snowflake during the second quarter worth approximately $1,399,000. 65.10% of the stock is owned by institutional investors.

Snowflake Company Profile

Snowflake Inc (NYSE: SNOW) is a cloud-based data platform company that helps organizations store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and business intelligence across public cloud environments.

Snowflake’s Data Cloud enables customers to consolidate and access structured, semi-structured and unstructured data while supporting secure data sharing and collaboration. Its offerings include Snowflake Cortex, which provides artificial intelligence and machine-learning capabilities, as well as tools for developing data applications and using data from Snowflake’s marketplace and partner ecosystem.

Founded in 2012, Snowflake serves businesses, government organizations and other institutions globally through cloud infrastructure provided by major public-cloud platforms.