Frank Slootman Sells 10,315 Shares of Snowflake (NYSE:SNOW) Stock

Key Points

• Snowflake director Frank Slootman sold 10,315 shares at an average price of $275.10, generating approximately $2.84 million. The transaction reduced his position by 26.55% and was conducted under a pre-arranged Rule 10b5-1 trading plan.
• Slootman has made several additional Snowflake sales in recent months, including 289,685 shares sold for approximately $79.49 million on July 20, bringing the reported value of these recent sales to hundreds of millions of dollars.
• Despite the insider selling, analysts remain broadly bullish: 34 rate Snowflake a Buy, with a consensus “Moderate Buy” rating and an average price target of $296.27. The stock was trading near its 52-week high at $275.71, while quarterly revenue rose 33.5% year over year.

Snowflake Inc. (NYSE:SNOW - Get Free Report) Director Frank Slootman sold 10,315 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $275.10, for a total value of $2,837,656.50. Following the transaction, the director owned 28,535 shares of the company's stock, valued at $7,849,978.50. The trade was a 26.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Frank Slootman also recently made the following trade(s):

• On Monday, July 20th, Frank Slootman sold 289,685 shares of Snowflake stock. The shares were sold at an average price of $274.39, for a total value of $79,486,667.15.
• On Monday, June 29th, Frank Slootman sold 99,900 shares of Snowflake stock. The stock was sold at an average price of $251.73, for a total transaction of $25,147,827.00.
• On Friday, June 26th, Frank Slootman sold 100 shares of Snowflake stock. The shares were sold at an average price of $250.00, for a total transaction of $25,000.00.
• On Thursday, June 18th, Frank Slootman sold 200,000 shares of Snowflake stock. The stock was sold at an average price of $224.27, for a total value of $44,854,000.00.
• On Tuesday, June 16th, Frank Slootman sold 8,066 shares of Snowflake stock. The shares were sold at an average price of $240.00, for a total transaction of $1,935,840.00.
• On Monday, June 1st, Frank Slootman sold 162,924 shares of Snowflake stock. The stock was sold at an average price of $263.70, for a total value of $42,963,058.80.
• On Friday, May 29th, Frank Slootman sold 437,076 shares of Snowflake stock. The shares were sold at an average price of $252.43, for a total value of $110,331,094.68.
• On Thursday, May 28th, Frank Slootman sold 400,000 shares of Snowflake stock. The shares were sold at an average price of $233.42, for a total transaction of $93,368,000.00.
• On Tuesday, May 26th, Frank Slootman sold 55,350 shares of Snowflake stock. The stock was sold at an average price of $176.52, for a total transaction of $9,770,382.00.
• On Tuesday, May 19th, Frank Slootman sold 144,650 shares of Snowflake stock. The stock was sold at an average price of $175.45, for a total value of $25,378,842.50.

Snowflake Price Performance

SNOW traded up $2.79 during midday trading on Tuesday, hitting $275.71. The stock had a trading volume of 2,305,468 shares, compared to its average volume of 7,076,627. The company has a market cap of $95.56 billion, a P/E ratio of -78.48 and a beta of 1.35. The business has a fifty day moving average of $241.28 and a 200 day moving average of $195.44. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $284.99.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.07. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company's revenue was up 33.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 earnings per share. As a group, equities analysts forecast that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Institutional Trading of Snowflake

Several large investors have recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after acquiring an additional 29,320 shares in the last quarter. Intech Investment Management LLC raised its holdings in Snowflake by 24.0% in the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company's stock worth $1,637,000 after purchasing an additional 2,167 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in Snowflake by 29.7% in the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock worth $47,000 after purchasing an additional 73 shares in the last quarter. Flow Traders U.S. LLC purchased a new position in Snowflake during the second quarter valued at $221,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Snowflake by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company's stock valued at $5,055,000 after buying an additional 1,521 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. HSBC set a $289.00 price target on Snowflake and gave the stock a "buy" rating in a research note on Friday, May 29th. Citigroup lifted their target price on shares of Snowflake from $260.00 to $320.00 and gave the stock a "buy" rating in a research note on Friday, May 29th. Wells Fargo & Company increased their price target on shares of Snowflake from $210.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 28th. Benchmark raised their price target on shares of Snowflake from $200.00 to $270.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Finally, Monness Crespi & Hardt boosted their price objective on shares of Snowflake from $282.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Thirty-four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $296.27.

About Snowflake

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.

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