Snowflake (NYSE:SNOW) Hits New 52-Week High - Here's What Happened

Key Points

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Snowflake Inc. (NYSE:SNOW - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $228.00 and last traded at $222.30, with a volume of 56283 shares changing hands. The stock had previously closed at $220.28.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SNOW shares. Stephens initiated coverage on Snowflake in a report on Friday, July 18th. They set an "overweight" rating and a $261.00 price objective on the stock. Jefferies Financial Group increased their price target on Snowflake from $220.00 to $250.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Piper Sandler reaffirmed an "overweight" rating and set a $215.00 price target (up from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. CICC Research started coverage on shares of Snowflake in a research note on Friday, June 20th. They set an "outperform" rating and a $225.00 target price for the company. Finally, Oppenheimer reaffirmed an "outperform" rating on shares of Snowflake in a report on Tuesday, June 24th. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Snowflake currently has a consensus rating of "Moderate Buy" and a consensus price target of $226.73.

Snowflake Stock Up 3.4%

The firm has a market capitalization of $76.07 billion, a price-to-earnings ratio of -53.99 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a 50 day moving average of $213.37 and a two-hundred day moving average of $182.01.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the firm posted $0.14 earnings per share. The firm's revenue was up 25.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Transactions at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the sale, the chief financial officer directly owned 292,610 shares of the company's stock, valued at $60,090,389.60. The trade was a 57.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the transaction, the director owned 165,507 shares in the company, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,698,258 shares of company stock worth $586,482,906. Company insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Trust Co. of Toledo NA OH bought a new position in shares of Snowflake in the second quarter worth approximately $25,000. Avion Wealth raised its holdings in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after purchasing an additional 49 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Snowflake in the 1st quarter worth about $26,000. CVA Family Office LLC lifted its holdings in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after buying an additional 88 shares during the period. Finally, West Paces Advisors Inc. purchased a new position in shares of Snowflake in the 4th quarter valued at approximately $31,000. Institutional investors own 65.10% of the company's stock.

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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