Snowflake Inc. (NYSE:SNOW) Sees Large Increase in Short Interest

Key Points

• Snowflake Inc. experienced a 23.2% increase in short interest during August 2023, with total short interest reaching over 12.9 million shares.
• Insider transactions showed Director Frank Slootman sold 710,083 shares at an average price of $230.47, reducing his ownership by 81.1%.
• Snowflake's quarterly earnings report for August 2023 showed an EPS of $0.35, surpassing the expected $0.27, along with a revenue of $1.14 billion.

Snowflake Inc. (NYSE:SNOW - Get Free Report) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 12,910,000 shares, an increase of 23.2% from the August 15th total of 10,480,000 shares. Approximately 4.1% of the shares of the stock are short sold. Based on an average trading volume of 5,080,000 shares, the short-interest ratio is presently 2.5 days. Based on an average trading volume of 5,080,000 shares, the short-interest ratio is presently 2.5 days. Approximately 4.1% of the shares of the stock are short sold.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the sale, the director directly owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 3,224,646 shares of company stock worth $720,005,171 in the last ninety days. Insiders own 6.80% of the company's stock.

Institutional Trading of Snowflake

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Snowflake by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company's stock worth $6,218,515,000 after acquiring an additional 595,553 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Snowflake in the 2nd quarter worth about $3,900,134,000. Jennison Associates LLC increased its holdings in shares of Snowflake by 20.5% in the 2nd quarter. Jennison Associates LLC now owns 8,000,667 shares of the company's stock worth $1,790,309,000 after acquiring an additional 1,363,389 shares during the period. State Street Corp increased its holdings in shares of Snowflake by 1.4% in the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company's stock worth $1,541,120,000 after acquiring an additional 94,293 shares during the period. Finally, Artisan Partners Limited Partnership increased its holdings in shares of Snowflake by 15.2% in the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company's stock worth $1,108,045,000 after acquiring an additional 652,485 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Up 1.7%

Shares of NYSE SNOW traded up $3.68 during trading on Thursday, reaching $221.64. 2,763,864 shares of the stock were exchanged, compared to its average volume of 5,350,924. The business's 50-day moving average price is $212.61 and its 200 day moving average price is $189.92. Snowflake has a twelve month low of $108.71 and a twelve month high of $249.99. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $75.09 billion, a price-to-earnings ratio of -53.40 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly 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 analysts' expectations of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm's quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. As a group, equities analysts forecast that Snowflake will post -2.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Stephens assumed coverage on shares of Snowflake in a report on Friday, July 18th. They issued an "overweight" rating and a $261.00 target price for the company. Cantor Fitzgerald boosted their target price on shares of Snowflake from $242.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. DA Davidson restated a "buy" rating and issued a $250.00 target price on shares of Snowflake in a report on Monday, August 25th. Stifel Nicolaus boosted their target price 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, Bank of America upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and boosted their target price for the company from $220.00 to $240.00 in a report on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price 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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