Insider Selling: Snowflake (NYSE:SNOW) Director Sells 50,338 Shares of Stock

Key Points

• Snowflake Director Michael Speiser sold 50,338 shares at an average price of $224.85, totaling $11.3 million, which decreased his ownership stake by 58.80%.
• Snowflake's stock price is currently at $226.41, with a 12-month high of $249.99 and a significant trading volume of 4.5 million shares recently.
• Analysts have raised their price targets for Snowflake, with firms predicting an average target of $255.53 and a consensus rating of "Moderate Buy".

Snowflake Inc. (NYSE:SNOW - Get Free Report) Director Michael Speiser sold 50,338 shares of the firm's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $224.85, for a total value of $11,318,499.30. Following the completion of the sale, the director directly owned 35,276 shares of the company's stock, valued at approximately $7,931,808.60. This represents a 58.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Snowflake Price Performance

Shares of Snowflake stock traded up $0.83 during midday trading on Monday, hitting $226.41. The company had a trading volume of 4,511,969 shares, compared to its average volume of 7,495,617. The company has a fifty day simple moving average of $212.34 and a 200 day simple moving average of $187.31. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake Inc. has a 12-month low of $108.13 and a 12-month high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The firm's revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 EPS. As a group, analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently added to or reduced their stakes in SNOW. Trust Co. of Toledo NA OH acquired a new position in shares of Snowflake during the 2nd quarter worth approximately $25,000. Avion Wealth lifted its position in Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after buying an additional 49 shares in the last quarter. Rossby Financial LCC boosted its stake in Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company's stock worth $29,000 after buying an additional 127 shares during the last quarter. Whittier Trust Co. grew its holdings in Snowflake by 149.1% in the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company's stock valued at $31,000 after buying an additional 82 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its stake in shares of Snowflake by 417.2% in the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company's stock worth $34,000 after acquiring an additional 121 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SNOW. Scotiabank lifted their target price on Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Canaccord Genuity Group lifted their price objective on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. CICC Research initiated coverage on shares of Snowflake in a research note on Friday, June 20th. They issued an "outperform" rating and a $225.00 price objective on the stock. Wells Fargo & Company raised their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Finally, Mizuho boosted their target price on shares of Snowflake from $235.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $255.53.

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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