Snowflake (NYSE:SNOW) Stock Price Down 2.4% - Should You Sell?

Key Points

• Snowflake Inc. (NYSE:SNOW) shares fell by 2.4% to close at $241.39, with trading volume down 23% from average levels.
• Multiple analysts have given Snowflake a generally positive outlook, with revisions of target prices ranging from $240 to $270, and an average rating classified as "Moderate Buy."
• Insiders have sold over 1.1 million shares in the past ninety days, indicating potential caution among company executives regarding stock performance.

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) dropped 2.4% on Tuesday . The company traded as low as $238.00 and last traded at $241.39. Approximately 4,079,361 shares changed hands during trading, a decline of 23% from the average daily volume of 5,297,191 shares. The stock had previously closed at $247.27.

Wall Street Analyst Weigh In

SNOW has been the topic of a number of analyst reports. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a research note on Thursday, August 28th. Jefferies Financial Group lifted their price objective on shares of Snowflake from $250.00 to $270.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Cowen reissued a "buy" rating on shares of Snowflake in a research report on Thursday, August 28th. Bank of America upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and upped their target price for the stock from $220.00 to $240.00 in a research note on Wednesday, August 20th. Finally, Canaccord Genuity Group increased their price objective on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Snowflake presently has an average rating of "Moderate Buy" and a consensus target price of $256.18.

Snowflake Trading Down 2.4%

The stock has a 50-day simple moving average of $219.41 and a 200 day simple moving average of $199.79. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The company has a market cap of $81.78 billion, a price-to-earnings ratio of -58.17 and a beta of 1.21.

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

Insider Buying and Selling at Snowflake

In other Snowflake news, SVP Vivek Raghunathan sold 11,801 shares of the business's stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value 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 approximately $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total value of $2,335,000.00. Following the completion of the transaction, the executive vice president directly owned 527,336 shares of the company's stock, valued at $123,132,956. The trade was a 1.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,182,434 shares of company stock valued at $270,280,661. Company insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Snowflake

Large investors have recently made changes to their positions in the company. Trust Co. of Toledo NA OH acquired a new position in shares of Snowflake in the second quarter worth about $25,000. Avion Wealth raised its holdings in 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 period. Opal Wealth Advisors LLC acquired a new position in Snowflake in the 1st quarter worth about $26,000. CVA Family Office LLC raised its holdings in Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares during the period. Finally, Rossby Financial LCC raised its stake in shares of Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company's stock worth $29,000 after buying an additional 127 shares during the period. 65.10% of the stock is currently 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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