Snowflake (NYSE:SNOW) Director Sells $7,127,860.80 in Stock

Key Points

• Snowflake Director Michael Speiser sold 50,338 shares on May 1 at an average price of $141.60 for a total of $7,127,860.80, leaving him with 28,556 shares (a 63.8% reduction); the sale was executed under a pre-arranged Rule 10b5-1 trading plan and disclosed to the SEC.
• Shares traded up 2.3% to $144.29 after the quarter in which Snowflake beat EPS and revenue estimates (EPS $0.32 vs. $0.27; revenue $1.28B, +30.1% YoY) despite negative net margin and ROE, and analysts have trimmed targets but maintain a consensus rating of Moderate Buy with an average price target of $242.19.

Snowflake Inc. (NYSE:SNOW - Get Free Report) Director Michael Speiser sold 50,338 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $141.60, for a total value of $7,127,860.80. Following the completion of the transaction, the director owned 28,556 shares in the company, valued at approximately $4,043,529.60. This trade represents a 63.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Snowflake Trading Up 2.3%

Shares of Snowflake stock traded up $3.29 during trading hours on Monday, reaching $144.29. The stock had a trading volume of 6,182,074 shares, compared to its average volume of 8,406,242. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.30 and a current ratio of 1.30. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $280.67. The firm has a 50 day simple moving average of $158.11 and a two-hundred day simple moving average of $202.46.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. Snowflake had a negative return on equity of 50.61% and a negative net margin of 28.43%.The company's revenue was up 30.1% on a year-over-year basis. During the same period last year, the business posted $0.30 EPS. On average, analysts expect that Snowflake Inc. will post -2.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on SNOW shares. Morgan Stanley dropped their target price on Snowflake from $270.00 to $245.00 and set an "overweight" rating on the stock in a report on Thursday, February 26th. Citigroup dropped their target price on Snowflake from $300.00 to $270.00 and set a "buy" rating on the stock in a report on Wednesday, February 18th. Canaccord Genuity Group dropped their target price on Snowflake from $270.00 to $240.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. Scotiabank dropped their price objective on Snowflake from $290.00 to $205.00 and set a "sector outperform" rating on the stock in a report on Thursday, February 26th. Finally, Guggenheim reiterated a "neutral" rating on shares of Snowflake in a research report on Wednesday, February 18th. One investment analyst has rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $242.19.

Institutional Trading of Snowflake

Several hedge funds have recently added to or reduced their stakes in the business. Archer Investment Corp raised its stake in Snowflake by 5,056.9% during the 1st quarter. Archer Investment Corp now owns 3,713 shares of the company's stock valued at $560,000 after acquiring an additional 3,641 shares in the last quarter. Principal Financial Group Inc. raised its stake in Snowflake by 81.6% during the 1st quarter. Principal Financial Group Inc. now owns 14,802 shares of the company's stock valued at $2,232,000 after acquiring an additional 6,650 shares in the last quarter. Chicago Partners Investment Group LLC raised its stake in Snowflake by 24.9% during the 1st quarter. Chicago Partners Investment Group LLC now owns 6,702 shares of the company's stock valued at $1,043,000 after acquiring an additional 1,337 shares in the last quarter. J. Safra Sarasin Holding AG raised its stake in Snowflake by 15.9% during the 1st quarter. J. Safra Sarasin Holding AG now owns 9,019 shares of the company's stock valued at $1,360,000 after acquiring an additional 1,238 shares in the last quarter. Finally, Global Assets Advisory LLC bought a new stake in Snowflake during the 1st quarter valued at $37,000. Institutional investors own 65.10% of the company's stock.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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