Stock Traders Purchase Large Volume of Call Options on Snowflake (NYSE:SNOW)

Snowflake Inc. (NYSE:SNOW) was the recipient of some unusual options trading activity on Thursday. Traders purchased 122,765 call options on the stock. Thisrepresentsanincreaseofapproximately153% compared to the typical daily volume of 48,481 call options.

Analysts Set New Price Targets

A number of brokerages recently commented on SNOW. Cantor Fitzgerald upped their target price on Snowflake from $242.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday. Mizuho upped their price objective on Snowflake from $215.00 to $235.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. JPMorgan Chase & Co. upped their price objective on Snowflake from $210.00 to $225.00 and gave the stock an “overweight” rating in a research report on Thursday, May 22nd. Piper Sandler upped their price objective on Snowflake from $215.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Oppenheimer restated an “outperform” rating on shares of Snowflake in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $246.11.

Snowflake Price Performance

NYSE SNOW traded up $36.90 during mid-day trading on Thursday, hitting $237.29. The stock had a trading volume of 16,435,555 shares, compared to its average volume of 5,119,995. The firm’s 50 day moving average is $210.30 and its 200 day moving average is $185.15. Snowflake has a twelve month low of $107.13 and a twelve month high of $240.53. 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 has a market capitalization of $79.22 billion, a price-to-earnings ratio of -56.47 and a beta of 1.22.

Insider Activity

In other news, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $211.35, for a total transaction of $10,638,936.30. Following the transaction, the director owned 37,796 shares in the company, valued at $7,988,184.60. This represents a 57.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the company’s stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the sale, the director owned 165,507 shares in the company, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,516,826 shares of company stock worth $555,691,052. Corporate insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Capital Advantage Inc. raised 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. raised its holdings in shares of Snowflake by 1.3% during the 2nd 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 period. Avion Wealth raised its holdings in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after acquiring an additional 49 shares during the period. Insigneo Advisory Services LLC raised its holdings in shares of Snowflake by 1.3% during the 2nd quarter. Insigneo Advisory Services LLC now owns 4,003 shares of the company’s stock worth $896,000 after acquiring an additional 52 shares during the period. Finally, Advyzon Investment Management LLC raised its holdings in shares of 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 acquiring an additional 55 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.