Mark Garrett Sells 67,000 Shares of Snowflake Inc. (NYSE:SNOW) Stock

Snowflake Inc. (NYSE:SNOW - Get Free Report) Director Mark Garrett sold 67,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $198.98, for a total transaction of $13,331,660.00. Following the completion of the transaction, the director now owns 7,428 shares in the company, valued at approximately $1,478,023.44. The trade was a 90.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Snowflake Stock Performance

NYSE SNOW traded up $3.38 during trading hours on Friday, reaching $205.69. 7,073,445 shares of the company were exchanged, compared to its average volume of 6,465,363. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $209.80. The business's 50 day simple moving average is $163.63 and its 200-day simple moving average is $166.35. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $68.67 billion, a P/E ratio of -60.68 and a beta of 1.11.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The company's quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the business earned $0.14 earnings per share. On average, equities research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SNOW shares. Citigroup reiterated an "outperform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Hsbc Global Res downgraded shares of Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. KeyCorp cut their price objective on shares of Snowflake from $220.00 to $192.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. JMP Securities set a $245.00 price objective on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Jefferies Financial Group boosted their price target on shares of Snowflake from $190.00 to $220.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Snowflake currently has a consensus rating of "Moderate Buy" and an average target price of $217.33.

Institutional Investors Weigh In On Snowflake

Several hedge funds have recently bought and sold shares of SNOW. Vanguard Group Inc. raised its stake in shares of Snowflake by 1.2% during the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock worth $3,974,705,000 after acquiring an additional 316,573 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock worth $1,179,230,000 after acquiring an additional 3,662,671 shares in the last quarter. Norges Bank purchased a new position in shares of Snowflake during the fourth quarter worth approximately $988,950,000. FMR LLC raised its stake in shares of Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after acquiring an additional 2,805,425 shares in the last quarter. Finally, GQG Partners LLC purchased a new position in shares of Snowflake during the fourth quarter worth approximately $750,572,000. 65.10% of the stock is currently owned by institutional investors.

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.