Snowflake (NYSE:SNOW) Shares Down 2.4% - Here's What Happened

Key Points

• Snowflake's shares fell by 2.4% during mid-day trading, dropping to a low of $222.88 before closing at $224.01.
• Analysts have revised their price targets for Snowflake, with a consensus target of $255.53, indicating a generally positive outlook with 36 "Buy" ratings.
• Insider trading activity saw Director Frank Slootman sell 710,083 shares at an average price of $230.47, significantly reducing his position by 81.10%.

Snowflake Inc. (NYSE:SNOW - Get Free Report) shares dropped 2.4% during mid-day trading on Tuesday . The company traded as low as $222.88 and last traded at $224.01. Approximately 4,928,073 shares traded hands during mid-day trading, a decline of 8% from the average daily volume of 5,355,977 shares. The stock had previously closed at $229.54.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of research reports. JPMorgan Chase & Co. upped their price objective on Snowflake from $225.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. DA Davidson restated a "buy" rating and set a $250.00 target price on shares of Snowflake in a report on Monday, August 25th. Rosenblatt Securities increased their target price on Snowflake from $210.00 to $250.00 and gave the company a "buy" rating in a report on Thursday, August 28th. JMP Securities restated a "market outperform" rating and set a $260.00 target price on shares of Snowflake in a report on Tuesday, August 26th. Finally, Loop Capital increased their target price on Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Price Performance

The firm has a market cap of $75.89 billion, a P/E ratio of -53.98 and a beta of 1.22. The business has a 50-day simple moving average of $213.48 and a 200 day simple moving average of $191.47. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm's revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.18 EPS. On average, analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. This trade represents a 81.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders sold 3,201,381 shares of company stock valued at $714,896,508. Company insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake 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 valued at $6,218,515,000 after purchasing an additional 595,553 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in Snowflake during the 2nd quarter valued at approximately $3,900,134,000. Jennison Associates LLC increased its position in Snowflake by 20.5% during the 2nd quarter. Jennison Associates LLC now owns 8,000,667 shares of the company's stock valued at $1,790,309,000 after buying an additional 1,363,389 shares in the last quarter. State Street Corp increased its position in Snowflake by 1.4% during the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company's stock valued at $1,541,120,000 after buying an additional 94,293 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its position in Snowflake by 15.2% during the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company's stock valued at $1,108,045,000 after buying an additional 652,485 shares in the last quarter. Hedge funds and other 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.

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