Snowflake (NYSE:SNOW) Stock Price Down 2.3% - What's Next?

Key Points

• Snowflake Inc.'s stock price decreased by 2.3% on Wednesday, trading as low as $238.26, with a significant drop in trading volume of 39% from its average.
• Brokerage firms including Barclays and BTIG have raised their target prices for Snowflake, with a consensus rating of "Moderate Buy" and an average target price around $257.24.
• Insider selling was notable, with significant transactions by executives resulting in a 10.29% decrease in ownership for EVP Christian Kleinerman and a 7.95% decrease for Director Michael L. Speiser.

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) were down 2.3% on Wednesday . The stock traded as low as $238.26 and last traded at $241.71. Approximately 3,185,244 shares traded hands during trading, a decline of 39% from the average daily volume of 5,250,509 shares. The stock had previously closed at $247.52.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SNOW. Barclays lifted their target price on Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Cowen reissued a "buy" rating on shares of Snowflake in a research note on Thursday, August 28th. BTIG Research boosted their target price on shares of Snowflake from $235.00 to $276.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Cantor Fitzgerald boosted their price objective on Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, Stifel Nicolaus boosted their price objective on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research 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, three have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average target price of $257.24.

Snowflake Trading Down 2.3%

The firm's 50 day moving average is $224.55 and its 200 day moving average is $203.51. The firm has a market capitalization of $81.89 billion, a price-to-earnings ratio of -58.24 and a beta of 1.21. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

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

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $250.00, for a total value of $1,250,000.00. Following the completion of the sale, the executive vice president owned 43,568 shares in the company, valued at $10,892,000. This represents a 10.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael L. Speiser sold 2,976 shares of the stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $236.01, for a total value of $702,365.76. Following the sale, the director owned 34,436 shares of the company's stock, valued at approximately $8,127,240.36. This represents a 7.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,182,434 shares of company stock worth $270,280,661. Insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

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