Snowflake (NYSE:SNOW) Trading Down 3.9% Following Insider Selling

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s stock price fell 3.9% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $216.11 and last traded at $215.12. 1,458,658 shares were traded during mid-day trading, a decline of 76% from the average session volume of 6,074,651 shares. The stock had previously closed at $223.77.

Specifically, Director Frank Slootman sold 306,502 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $222.46, for a total value of $68,184,434.92. Following the completion of the sale, the director owned 165,507 shares in the company, valued at approximately $36,818,687.22. The trade was a 64.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 424,852 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the sale, the director owned 165,507 shares of the company's stock, valued at $36,303,960.45. The trade was a 71.97% decrease in their position. The disclosure for this sale can be found here. In related news, CAO Emily Ho sold 1,544 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $220.98, for a total value of $341,193.12. Following the completion of the sale, the chief accounting officer owned 35,100 shares in the company, valued at approximately $7,756,398. The trade was a 4.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SNOW. Barclays reiterated an "overweight" rating and issued a $219.00 price target (up previously from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. JMP Securities reissued a "market outperform" rating and issued a $245.00 price objective on shares of Snowflake in a research note on Wednesday, June 4th. Piper Sandler reaffirmed an "overweight" rating and set a $215.00 price target (up from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Macquarie boosted their price objective on shares of Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-four have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $225.22.

Snowflake Stock Down 3.4%

The business has a fifty day simple moving average of $192.44 and a 200 day simple moving average of $173.83. The firm has a market cap of $72.14 billion, a price-to-earnings ratio of -51.33 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The business had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the firm earned $0.14 earnings per share. The business's revenue was up 25.8% compared to the same quarter last year. As a group, equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently made changes to their positions in the company. Quarry LP boosted its position in shares of Snowflake by 9.8% during the fourth quarter. Quarry LP now owns 662 shares of the company's stock worth $102,000 after buying an additional 59 shares during the period. Ignite Planners LLC boosted its position in shares of Snowflake by 2.3% during the first quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock worth $418,000 after buying an additional 64 shares during the period. Gabelli Funds LLC boosted its position in shares of Snowflake by 3.3% during the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock worth $317,000 after buying an additional 65 shares during the period. Archford Capital Strategies LLC boosted its position in shares of Snowflake by 1.9% during the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock worth $527,000 after buying an additional 68 shares during the period. Finally, TD Private Client Wealth LLC boosted its position in shares of Snowflake by 8.9% during the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock worth $122,000 after buying an additional 68 shares during the period. Institutional investors and hedge funds 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.