Snowflake (NYSE:SNOW) Stock Price Down 2.1% on Insider Selling

Key Points

• Slightly falling stock prices: Snowflake Inc.'s shares dropped 2.1% to $235.42 amid insider selling activity, with a significant decline in average session volume.
• Insider transactions: EVP Christian Kleinerman and SVP Vivek Raghunathan sold portions of their stock, reducing their holdings by 1.84% and 4.65% respectively.
• Analyst outlook: Snowflake has a consensus rating of "Moderate Buy" with varying price targets from different analysts, the highest being $255.00.

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) fell 2.1% on Friday following insider selling activity. The company traded as low as $233.24 and last traded at $235.42. 4,064,878 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 5,301,875 shares. The stock had previously closed at $240.54.

Specifically, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $223.88, for a total transaction of $2,238,800.00. Following the completion of the transaction, the executive vice president directly owned 532,450 shares of the company's stock, valued at $119,204,906. This trade represents a 1.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the transaction, the senior vice president directly owned 241,854 shares of the company's stock, valued at $53,986,649.88. This trade represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of analysts have commented on the stock. Raymond James Financial boosted their price target on shares of Snowflake from $212.00 to $230.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. CICC Research assumed coverage on shares of Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 price target on the stock. JPMorgan Chase & Co. boosted their target price on shares of Snowflake from $225.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. DA Davidson reiterated a "buy" rating and issued a $250.00 target price on shares of Snowflake in a report on Monday, August 25th. Finally, Guggenheim reiterated a "neutral" rating on shares of Snowflake in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Trading Down 2.1%

The company has a market cap of $79.76 billion, a price-to-earnings ratio of -56.73 and a beta of 1.21. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The business's 50 day moving average price is $215.62 and its 200-day moving average price is $195.06.

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

Institutional Investors Weigh In On Snowflake

Several large investors have recently made changes to their positions in the company. Capital Advantage Inc. grew its holdings in shares of Snowflake by 1.1% in the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company's stock worth $987,000 after purchasing an additional 48 shares during the last quarter. Wedbush Securities Inc. grew its holdings in shares of Snowflake by 1.3% in the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company's stock worth $832,000 after purchasing an additional 48 shares during the last quarter. Avion Wealth grew its holdings in shares of 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 during the last quarter. Insigneo Advisory Services LLC grew its holdings in shares of Snowflake by 1.3% in the 2nd quarter. Insigneo Advisory Services LLC now owns 4,003 shares of the company's stock worth $896,000 after purchasing an additional 52 shares during the last quarter. Finally, Advyzon Investment Management LLC grew its holdings in shares of Snowflake by 3.8% in the 2nd quarter. Advyzon Investment Management LLC now owns 1,520 shares of the company's stock worth $340,000 after purchasing an additional 55 shares during the last quarter. 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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