Snowflake (NYSE:SNOW) Stock Price Up 1.1% - Here's What Happened

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s share price rose 1.1% on Friday . The stock traded as high as $212.75 and last traded at $212.33. Approximately 908,179 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 6,346,698 shares. The stock had previously closed at $210.10.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Rosenblatt Securities restated a "buy" rating and set a $205.00 target price on shares of Snowflake in a research report on Monday, May 19th. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Daiwa Capital Markets initiated coverage on Snowflake in a research report on Tuesday, April 1st. They set a "buy" rating and a $210.00 target price for the company. Truist Financial raised their price target on Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Finally, Morgan Stanley reaffirmed an "equal weight" rating on shares of Snowflake in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $221.28.

Snowflake Trading Up 0.8%

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market cap of $70.73 billion, a price-to-earnings ratio of -62.53 and a beta of 1.21. The firm's fifty day moving average is $168.14 and its 200-day moving average is $168.59.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the business earned $0.14 EPS. The firm's revenue was up 25.8% compared to the same quarter last year. Equities analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 1,783 shares of Snowflake stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total value of $262,528.92. Following the completion of the sale, the director now owns 192,511 shares of the company's stock, valued at approximately $28,345,319.64. This trade represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $129.25, for a total transaction of $52,087.75. Following the transaction, the director now owns 26,375 shares in the company, valued at approximately $3,408,968.75. The trade was a 1.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 849,779 shares of company stock valued at $159,318,643 in the last quarter. 6.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snowflake

A number of hedge funds have recently added to or reduced their stakes in SNOW. Sumitomo Mitsui Trust Group Inc. grew its holdings in Snowflake by 1.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company's stock worth $104,028,000 after buying an additional 8,857 shares in the last quarter. Kirtland Hills Capital Management LLC boosted its holdings in Snowflake by 40.1% during the 4th quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company's stock worth $2,458,000 after acquiring an additional 4,559 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Snowflake by 455.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company's stock worth $19,174,000 after acquiring an additional 101,806 shares during the last quarter. SPX Gestao de Recursos Ltda bought a new stake in shares of Snowflake in the 4th quarter worth $3,088,000. Finally, Onyx Bridge Wealth Group LLC purchased a new stake in shares of Snowflake in the fourth quarter valued at about $237,000. 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.

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