Insider Selling: Snowflake Inc. (NYSE:SNOW) Director Sells 256,046 Shares of Stock

Key Points

• Snowflake Inc. Director Frank Slootman sold 256,046 shares at an average price of $227.15, totaling approximately $58.16 million, which reduced his ownership by 60.74%.
• The company's stock price increased by 1.6%, trading at $208.39 recently, while Snowflake's market cap is currently around $69.57 billion.
• Analyst ratings for Snowflake reflect a consensus of "Moderate Buy", with a current price target of $226.73, showing optimism despite recent insider selling.

Snowflake Inc. (NYSE:SNOW - Get Free Report) Director Frank Slootman sold 256,046 shares of the business's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $227.15, for a total transaction of $58,160,848.90. Following the completion of the transaction, the director directly owned 165,507 shares in the company, valued at $37,594,915.05. This trade represents a 60.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Monday, July 7th, Frank Slootman sold 323,713 shares of Snowflake stock. The stock was sold at an average price of $223.19, for a total transaction of $72,249,504.47.
• On Tuesday, July 8th, Frank Slootman sold 100,483 shares of Snowflake stock. The stock was sold at an average price of $223.55, for a total transaction of $22,462,974.65.
• On Wednesday, July 2nd, Frank Slootman sold 187,815 shares of Snowflake stock. The shares were sold at an average price of $216.55, for a total transaction of $40,671,338.25.
• On Thursday, July 3rd, Frank Slootman sold 178,949 shares of Snowflake stock. The shares were sold at an average price of $221.16, for a total transaction of $39,576,360.84.
• On Monday, June 30th, Frank Slootman sold 217,432 shares of Snowflake stock. The shares were sold at an average price of $223.78, for a total transaction of $48,656,932.96.
• 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 transaction of $63,910,421.25.
• On Friday, June 27th, Frank Slootman sold 306,502 shares of Snowflake stock. The shares were sold at an average price of $222.46, for a total transaction 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 transaction 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 transaction 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 transaction of $390,315.64.

Snowflake Stock Up 1.6%

Snowflake stock traded up $3.37 on Monday, hitting $208.39. 3,418,909 shares of the stock traded hands, compared to its average volume of 3,517,346. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a market cap of $69.57 billion, a P/E ratio of -49.50 and a beta of 1.22. The business's fifty day simple moving average is $213.88 and its 200 day simple moving average is $182.94. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate 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 revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 earnings per share. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analysts Set New Price Targets

SNOW has been the topic of a number of recent analyst reports. Citigroup reissued an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. KeyCorp reissued an "overweight" rating on shares of Snowflake in a report on Wednesday, June 25th. HSBC cut shares of Snowflake from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Royal Bank Of Canada upped their price objective on shares of Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Finally, Raymond James Financial restated an "outperform" rating and issued a $212.00 price objective (up from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $226.73.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC bought a new position in shares of Snowflake during the second quarter valued at $3,900,134,000. Nuveen LLC bought a new position in Snowflake during the 1st quarter valued at about $555,847,000. FMR LLC boosted its holdings in shares of Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company's stock valued at $943,155,000 after acquiring an additional 2,805,425 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Snowflake by 346.2% during the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock valued at $456,430,000 after acquiring an additional 2,460,769 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Snowflake by 124.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock valued at $612,817,000 after acquiring an additional 2,200,406 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

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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