Snowflake (NYSE:SNOW) Shares Up 1.8% – Here’s What Happened

Snowflake Inc. (NYSE:SNOW) rose 1.8% during mid-day trading on Monday . The company traded as high as $226.86 and last traded at $226.5290. Approximately 2,692,499 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 5,241,057 shares. The stock had previously closed at $222.46.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of research analyst reports. Cantor Fitzgerald lifted their target price on Snowflake from $275.00 to $278.00 and gave the company an “overweight” rating in a research report on Thursday, December 4th. The Goldman Sachs Group raised their price target on Snowflake from $230.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Needham & Company LLC restated a “buy” rating and issued a $280.00 price objective on shares of Snowflake in a report on Thursday, December 4th. Raymond James Financial set a $250.00 target price on shares of Snowflake in a report on Monday, December 15th. Finally, KeyCorp raised their target price on shares of Snowflake from $275.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, December 4th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.32.

Snowflake Stock Performance

The firm’s 50 day moving average is $247.74 and its 200 day moving average is $227.93. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.37 and a current ratio of 1.37. The stock has a market cap of $77.52 billion, a P/E ratio of -56.07 and a beta of 1.09.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.04. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. Snowflake’s revenue was up 28.7% compared to the same quarter last year. During the same period last year, the firm earned $0.20 earnings per share. Analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Insiders Place Their Bets

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $257.30, for a total value of $12,951,967.40. Following the completion of the sale, the director owned 33,596 shares of the company’s stock, valued at approximately $8,644,250.80. This trade represents a 59.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Slootman sold 7,728 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $212.45, for a total transaction of $1,641,813.60. Following the transaction, the director owned 140,945 shares in the company, valued at approximately $29,943,765.25. This trade represents a 5.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 221,537 shares of company stock valued at $53,336,395 in the last 90 days. Corporate insiders own 6.80% of the company’s stock.

Institutional Trading of Snowflake

Several large investors have recently bought and sold shares of SNOW. Trust Co. of Toledo NA OH acquired a new stake in shares of Snowflake during the second quarter worth about $25,000. Grey Fox Wealth Advisors LLC acquired a new stake in Snowflake during the 3rd quarter valued at approximately $25,000. Avion Wealth lifted its stake in Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after acquiring an additional 49 shares during the period. Tripletail Wealth Management LLC purchased a new stake in shares of Snowflake in the 3rd quarter valued at $28,000. Finally, Rossby Financial LCC increased its stake in shares of Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after acquiring an additional 127 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.