Michael Speiser Sells 47,362 Shares of Snowflake (NYSE:SNOW) Stock

Key Points

• Michael Speiser, a director at Snowflake Inc., sold 47,362 shares of the company's stock for over $11 million, resulting in a 57.58% decrease in his ownership.
• Snowflake's stock recently traded up 3.2% to approximately $242.73, with its trading volume exceeding the average.
• Recent analyst reports have boosted Snowflake's target price, with Evercore ISI raising it to $280 and multiple firms issuing "outperform" ratings.

Snowflake Inc. (NYSE:SNOW - Get Free Report) Director Michael Speiser sold 47,362 shares of the firm's stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $236.32, for a total transaction of $11,192,587.84. Following the completion of the transaction, the director directly owned 34,892 shares of the company's stock, valued at approximately $8,245,677.44. This trade represents a 57.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Snowflake Trading Up 3.2%

Shares of NYSE:SNOW traded up $7.64 during trading on Monday, hitting $242.73. The company had a trading volume of 5,129,269 shares, compared to its average volume of 4,394,376. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The company has a fifty day simple moving average of $215.94 and a two-hundred day simple moving average of $196.17. Snowflake Inc. has a one year low of $113.06 and a one year high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping 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 analyst estimates of $1.09 billion. During the same period in the previous year, the firm earned $0.18 earnings per share. Snowflake's quarterly revenue was up 31.8% compared to the same quarter last year. Equities research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently modified their holdings of SNOW. Brighton Jones LLC raised its holdings in Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after purchasing an additional 29,320 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Snowflake by 82.6% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 694 shares of the company's stock valued at $101,000 after purchasing an additional 314 shares during the period. Independence Bank of Kentucky lifted its stake in Snowflake by 2.2% in the 1st quarter. Independence Bank of Kentucky now owns 7,122 shares of the company's stock valued at $1,041,000 after buying an additional 150 shares in the last quarter. TB Alternative Assets Ltd. lifted its stake in Snowflake by 1,188.7% in the 1st quarter. TB Alternative Assets Ltd. now owns 35,659 shares of the company's stock valued at $5,212,000 after buying an additional 32,892 shares in the last quarter. Finally, Wedmont Private Capital increased its stake in Snowflake by 22.3% during the 1st quarter. Wedmont Private Capital now owns 3,856 shares of the company's stock worth $559,000 after buying an additional 703 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SNOW. Evercore ISI boosted their target price on shares of Snowflake from $240.00 to $280.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Robert W. Baird raised their price target on Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. DA Davidson reaffirmed a "buy" rating and issued a $250.00 price objective on shares of Snowflake in a research note on Monday, August 25th. Oppenheimer boosted their price target on shares of Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Finally, Raymond James Financial increased their target price on Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Snowflake has an average rating of "Moderate Buy" and an average price target 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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