Snowflake (NYSE:SNOW) Stock Price Down 3% on Insider Selling

Key Points

• Snowflake's stock price declined by 3% after insider selling by Director Michael L. Speiser, with total sales amounting to over $11 million.
• Despite the recent drop, several analysts have issued strong target price increases, with Morgan Stanley raising their target to $272 and Piper Sandler to $285.
• The company recently reported earnings of $0.35 per share, surpassing analyst expectations, and showed a revenue increase of 31.8% compared to last year.

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s share price traded down 3% during trading on Tuesday following insider selling activity. The company traded as low as $231.07 and last traded at $235.34. 4,889,863 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 5,298,420 shares. The stock had previously closed at $242.52.

Specifically, Director Michael L. Speiser sold 47,362 shares of the business's stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $236.32, for a total transaction of $11,192,587.84. Following the sale, the director directly owned 34,892 shares in the company, valued at approximately $8,245,677.44. The trade was a 57.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $236.29, for a total transaction of $95,224.87. Following the completion of the transaction, the director owned 25,330 shares of the company's stock, valued at approximately $5,985,225.70. This trade represents a 1.57% decrease in their position. The disclosure for this sale can be found here. In other Snowflake news, Director Michael L. Speiser sold 2,976 shares of the business's stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $236.01, for a total transaction of $702,365.76. Following the sale, the director directly owned 34,436 shares of the company's stock, valued at $8,127,240.36. The trade was a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analyst Ratings Changes

Several brokerages recently issued reports on SNOW. Morgan Stanley raised their target price on Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Piper Sandler raised their price objective on Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. CICC Research started coverage on shares of Snowflake in a research note on Friday, June 20th. They issued an "outperform" rating and a $225.00 price objective on the stock. Needham & Company LLC lifted their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Royal Bank Of Canada increased their price target on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Price Performance

The stock has a market capitalization of $79.73 billion, a P/E ratio of -56.71 and a beta of 1.21. The business has a fifty day simple moving average of $216.42 and a 200 day simple moving average of $196.76. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping 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 quarter in the prior year, the company posted $0.18 earnings per share. On average, analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently made changes to their positions in the business. Trust Co. of Toledo NA OH bought a new stake in Snowflake in the second quarter worth about $25,000. Avion Wealth increased its position in Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after buying an additional 49 shares during the last quarter. Rossby Financial LCC raised its stake in shares of Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company's stock valued at $29,000 after buying an additional 127 shares during the period. Whittier Trust Co. lifted its position in shares of Snowflake by 149.1% during the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company's stock valued at $31,000 after buying an additional 82 shares during the last quarter. Finally, Golden State Wealth Management LLC lifted its position in shares of Snowflake by 417.2% during the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company's stock valued at $34,000 after buying an additional 121 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

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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