Snowflake (NYSE:SNOW) Shares Down 1% - Here's Why

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) were down 1% during trading on Tuesday . The stock traded as low as $211.40 and last traded at $213.48. Approximately 758,202 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 5,944,156 shares. The stock had previously closed at $215.65.

Analyst Ratings Changes

Several brokerages have commented on SNOW. Sanford C. Bernstein reiterated a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Truist Financial upped their target price on Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Macquarie increased their price objective on Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. Royal Bank Of Canada boosted their price target on shares of Snowflake from $236.00 to $250.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Finally, Citigroup reiterated an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and a consensus price target of $226.73.

Snowflake Trading Down 1.4%

The stock's 50 day moving average is $207.75 and its 200-day moving average is $179.21. The company has a market capitalization of $71.00 billion, a P/E ratio of -50.56 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58.

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

Insider Activity at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the transaction, the chief financial officer owned 292,610 shares of the company's stock, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark Garrett sold 67,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $198.98, for a total value of $13,331,660.00. Following the completion of the transaction, the director owned 7,428 shares in the company, valued at approximately $1,478,023.44. The trade was a 90.02% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,718,258 shares of company stock worth $589,762,906. 6.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Several hedge funds and other institutional investors have recently bought and sold shares of SNOW. Vanguard Group Inc. boosted its holdings in Snowflake by 1.2% in the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock valued at $3,974,705,000 after purchasing an additional 316,573 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Snowflake during the 2nd quarter worth approximately $3,900,134,000. Norges Bank acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $988,950,000. FMR LLC raised its position in shares of Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after purchasing an additional 2,805,425 shares during the period. Finally, GQG Partners LLC acquired a new stake in Snowflake in the 4th quarter valued at approximately $750,572,000. 65.10% of the stock is owned by institutional investors and hedge funds.

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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