Snowflake (NYSE:SNOW) Stock Price Down 2.3% - Time to Sell?

Key Points

• Snowflake Inc.'s stock price dropped by 2.3%, trading at $233.26 after reaching a low of $228.40, with trading volume declining by 50% compared to its average.
• Analyst ratings are generally positive, with a consensus rating of "Moderate Buy" and a target price of $255.53, following several upward adjustments from various firms.
• Insider trading activity saw Director Frank Slootman sell 710,083 shares for approximately $163.7 million, representing an 81.10% decrease in his position.

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s stock price traded down 2.3% on Tuesday . The company traded as low as $228.40 and last traded at $233.26. 2,685,274 shares changed hands during trading, a decline of 50% from the average session volume of 5,321,655 shares. The stock had previously closed at $238.66.

Wall Street Analyst Weigh In

SNOW has been the subject of a number of recent research reports. Wedbush lifted their target price on Snowflake from $230.00 to $250.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Cantor Fitzgerald lifted their price target on shares of Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Rosenblatt Securities lifted their price objective on shares of Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Needham & Company LLC lifted their price objective on shares of Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Barclays lifted their price target on Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Snowflake has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Stock Performance

The company's fifty day simple moving average is $211.91 and its two-hundred day simple moving average is $186.20. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a market capitalization of $77.35 billion, a P/E ratio of -55.82 and a beta of 1.22.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director directly owned 165,507 shares in the company, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 3,216,909 shares of company stock valued at $717,287,181. 6.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC bought a new stake in shares of Snowflake in the 2nd quarter worth approximately $3,900,134,000. Norges Bank bought a new stake in shares of Snowflake in the 2nd quarter worth about $944,895,000. Nuveen LLC bought a new position in Snowflake in the 1st quarter valued at $555,847,000. Winslow Capital Management LLC bought a new position in shares of Snowflake during the second quarter valued at approximately $725,667,000. Finally, AQR Capital Management LLC grew its position in Snowflake by 346.2% during the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock worth $456,430,000 after purchasing an additional 2,460,769 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.