Insider Selling: Snowflake (NYSE:SNOW) SVP Sells 11,801 Shares of Stock

Key Points

• Vivek Raghunathan, SVP of Snowflake, sold 11,801 shares of the company's stock for approximately $2.63 million, reducing his ownership by 4.65%.
• Snowflake's stock price increased by 4.3%, trading at $240.51, with a market cap of $81.48 billion.
• Several analysts upgraded their price targets for Snowflake, with estimates ranging from $255.53 to $285.00, reflecting a generally positive outlook.

Snowflake Inc. (NYSE:SNOW - Get Free Report) SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the transaction, the senior vice president directly owned 241,854 shares of the company's stock, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Snowflake Trading Up 4.3%

Snowflake stock traded up $9.96 during trading hours on Thursday, hitting $240.51. The company had a trading volume of 6,615,417 shares, compared to its average volume of 4,818,005. The firm has a market cap of $81.48 billion, a P/E ratio of -57.95 and a beta of 1.21. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a 1 year low of $108.71 and a 1 year high of $249.99. The company has a 50-day moving average price of $215.62 and a two-hundred day moving average price of $195.06.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data 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. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same period in the previous year, the company earned $0.18 EPS. The firm's quarterly revenue was up 31.8% on a year-over-year basis. On average, sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently added to or reduced their stakes in the stock. Trust Co. of Toledo NA OH acquired a new stake in Snowflake during the second quarter worth about $25,000. Avion Wealth increased 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 purchasing an additional 49 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in Snowflake during the first quarter worth about $26,000. CVA Family Office LLC increased its position in Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares during the last quarter. Finally, Rossby Financial LCC increased its position 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 purchasing an additional 127 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Evercore ISI boosted their price objective on shares of Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Wells Fargo & Company assumed coverage on shares of Snowflake in a research note on Tuesday. They set an "overweight" rating and a $275.00 price target on the stock. Oppenheimer upped their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Stifel Nicolaus upped their price objective on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, UBS Group upped their price objective on shares of Snowflake from $250.00 to $285.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and an average target price of $255.53.

Snowflake Company Profile

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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