Insider Selling: Snowflake Inc. (NYSE:SNOW) Director Sells 217,432 Shares of Stock

Snowflake Inc. (NYSE:SNOW - Get Free Report) Director Frank Slootman sold 217,432 shares of Snowflake stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $223.78, for a total transaction of $48,656,932.96. Following the sale, the director owned 165,507 shares in the company, valued at approximately $37,037,156.46. This represents a 56.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Tuesday, July 1st, Frank Slootman sold 294,125 shares of Snowflake stock. The shares were sold at an average price of $217.29, for a total value of $63,910,421.25.
• On Friday, June 27th, Frank Slootman sold 306,502 shares of Snowflake stock. The stock was sold at an average price of $222.46, for a total value of $68,184,434.92.
• On Thursday, June 26th, Frank Slootman sold 424,852 shares of Snowflake stock. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20.
• On Tuesday, June 17th, Frank Slootman sold 7,294 shares of Snowflake stock. The stock was sold at an average price of $208.00, for a total value of $1,517,152.00.
• On Tuesday, June 10th, Frank Slootman sold 1,859 shares of Snowflake stock. The stock was sold at an average price of $209.96, for a total value of $390,315.64.

Snowflake Price Performance

Shares of SNOW stock traded up $1.21 during trading hours on Wednesday, hitting $217.18. 2,361,862 shares of the company were exchanged, compared to its average volume of 6,056,315. The firm has a fifty day simple moving average of $193.96 and a 200 day simple moving average of $174.12. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $225.68. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company's quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 EPS. On average, research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new position in Snowflake during the fourth quarter worth about $988,950,000. GQG Partners LLC purchased a new position in Snowflake during the fourth quarter worth about $750,572,000. Nuveen LLC purchased a new position in shares of Snowflake during the first quarter worth about $555,847,000. FMR LLC grew its stake in Snowflake by 84.9% in the 4th quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after buying an additional 2,805,425 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Snowflake by 346.2% in the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock worth $456,430,000 after acquiring an additional 2,460,769 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SNOW shares. Raymond James Financial restated an "outperform" rating and issued a $212.00 price target (up previously from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. Monness Crespi & Hardt boosted their target price on shares of Snowflake from $230.00 to $245.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Citigroup restated an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Macquarie boosted their target price on shares of Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $205.00 price objective on shares of Snowflake in a research note on Monday, May 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and an average target price of $225.36.

About Snowflake

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.

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