Snowflake (NYSE:SNOW) Shares Up 1.6%

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s stock price rose 1.6% during trading on Wednesday . The stock traded as high as $155.08 and last traded at $153.54. 1,346,214 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 6,527,418 shares. The stock had previously closed at $151.17.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Wedbush upped their price objective on shares of Snowflake from $144.00 to $210.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 28th. HSBC reissued a "reduce" rating on shares of Snowflake in a report on Thursday, February 29th. Morgan Stanley reissued an "equal weight" rating and issued a $175.00 target price (down previously from $230.00) on shares of Snowflake in a report on Thursday, February 29th. Redburn Atlantic reissued a "sell" rating and issued a $125.00 target price (down previously from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. Finally, JPMorgan Chase & Co. lowered their price objective on Snowflake from $200.00 to $170.00 and set an "overweight" rating for the company in a research note on Thursday, February 29th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-two have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $202.00.

Snowflake Stock Performance

The stock has a 50 day moving average of $172.95 and a 200-day moving average of $179.15. The firm has a market capitalization of $51.80 billion, a P/E ratio of -60.79 and a beta of 0.91.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The firm had revenue of $774.70 million for the quarter, compared to analysts' expectations of $759.86 million. As a group, sell-side analysts expect that Snowflake Inc. will post -1.9 EPS for the current year.

Insider Transactions at Snowflake

In other Snowflake news, CAO Emily Ho sold 1,500 shares of the company's stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.98, for a total value of $235,470.00. Following the completion of the sale, the chief accounting officer now owns 28,393 shares of the company's stock, valued at $4,457,133.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Snowflake news, CAO Emily Ho sold 1,500 shares of the company's stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.98, for a total value of $235,470.00. Following the completion of the sale, the chief accounting officer now owns 28,393 shares of the company's stock, valued at $4,457,133.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Christopher William Degnan sold 12,533 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $200.04, for a total value of $2,507,101.32. Following the sale, the executive now directly owns 98,172 shares of the company's stock, valued at approximately $19,638,326.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 168,209 shares of company stock valued at $34,291,592. 8.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank bought a new position in Snowflake in the fourth quarter worth $838,455,000. Vanguard Group Inc. raised its holdings in Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company's stock worth $4,176,755,000 after purchasing an additional 1,559,830 shares in the last quarter. FMR LLC raised its holdings in Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company's stock worth $940,160,000 after purchasing an additional 1,496,235 shares in the last quarter. Winslow Capital Management LLC bought a new position in Snowflake in the third quarter worth $226,302,000. Finally, Vaughan Nelson Investment Management L.P. bought a new position in Snowflake in the first quarter worth $171,608,000. 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.