Snowflake (NYSE:SNOW) Trading 3.4% Higher – Here’s What Happened

Snowflake Inc. (NYSE:SNOW)’s share price traded up 3.4% during mid-day trading on Tuesday . The company traded as high as $250.99 and last traded at $250.3060. 3,500,160 shares were traded during mid-day trading, a decline of 32% from the average session volume of 5,112,308 shares. The stock had previously closed at $241.99.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Snowflake in a research report on Tuesday, October 28th. The Goldman Sachs Group upped their price target on Snowflake from $230.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Robert W. Baird boosted their price objective on Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Macquarie increased their target price on Snowflake from $210.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, August 28th. Finally, Raymond James Financial raised their target price on Snowflake from $212.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $267.25.

Snowflake Stock Up 3.4%

The firm’s fifty day simple moving average is $246.71 and its 200 day simple moving average is $222.55. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The company has a market cap of $84.80 billion, a price-to-earnings ratio of -60.31 and a beta of 1.23.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company’s revenue was up 31.8% on a year-over-year basis. During the same period last year, the business earned $0.18 EPS. Sell-side analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $277.73, for a total value of $2,777,300.00. Following the transaction, the executive vice president directly owned 522,450 shares of the company’s stock, valued at $145,100,038.50. This trade represents a 1.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction on Friday, November 7th. The stock was sold at an average price of $257.29, for a total transaction of $103,687.87. Following the sale, the director owned 24,927 shares in the company, valued at $6,413,467.83. This represents a 1.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 931,388 shares of company stock worth $216,578,628. 6.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Institutional investors and hedge funds have recently made changes to their positions in the company. Total Clarity Wealth Management Inc. raised its position in shares of Snowflake by 2.7% during the 3rd quarter. Total Clarity Wealth Management Inc. now owns 1,508 shares of the company’s stock valued at $340,000 after acquiring an additional 40 shares in the last quarter. Diligent Investors LLC grew its position in shares of Snowflake by 0.9% during the 3rd quarter. Diligent Investors LLC now owns 4,594 shares of the company’s stock valued at $1,036,000 after buying an additional 40 shares during the last quarter. Coastline Trust Co raised its stake in Snowflake by 1.0% during the third quarter. Coastline Trust Co now owns 4,183 shares of the company’s stock worth $943,000 after acquiring an additional 42 shares during the period. Capital Advantage Inc. raised its stake in Snowflake by 1.1% during the second 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. Finally, Wedbush Securities Inc. lifted its holdings in 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 acquiring an additional 48 shares during the last quarter. 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.