Snowflake (NYSE:SNOW) Trading Down 1.1% on Insider Selling

Key Points

• Snowflake Inc. (NYSE:SNOW) shares fell 1.1% after insider Michael L. Speiser sold 50,338 shares, reducing his stake by 58.80%.
• Analysts have raised price targets for Snowflake, with Morgan Stanley raising their target from $262 to $272 and Royal Bank of Canada from $250 to $275.
• Snowflake reported earnings with $0.35 EPS, exceeding estimates and showing a 31.8% year-over-year revenue increase to $1.14 billion.

Shares of Snowflake Inc. (NYSE:SNOW - Get Free Report) were down 1.1% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $223.00 and last traded at $223.93. Approximately 855,767 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 5,376,893 shares. The stock had previously closed at $226.52.

Specifically, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $224.85, for a total transaction of $11,318,499.30. Following the completion of the sale, the director owned 35,276 shares in the company, valued at $7,931,808.60. This represents a 58.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $224.84, for a total value of $90,610.52. Following the completion of the transaction, the director directly owned 25,733 shares of the company's stock, valued at approximately $5,785,807.72. This trade represents a 1.54% decrease in their position. The disclosure for this sale can be found here. In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was 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 owned 527,336 shares of the company's stock, valued at $123,132,956. This represents a 1.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Analysts Set New Price Targets

SNOW has been the subject of a number of recent research reports. Morgan Stanley increased their target price on Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Royal Bank Of Canada increased their target price on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Monness Crespi & Hardt increased their target price on Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Bank of America raised Snowflake from a "neutral" rating to a "buy" rating and increased their target price for the stock from $220.00 to $240.00 in a report on Wednesday, August 20th. Finally, Rosenblatt Securities increased their target price on Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Snowflake currently has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Price Performance

The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $74.48 billion, a price-to-earnings ratio of -53.78 and a beta of 1.22. The company has a 50 day moving average price of $212.39 and a 200 day moving average price of $187.65.

Snowflake (NYSE:SNOW - Get Free Report) last issued 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. Snowflake had a negative net margin of 33.53% and a negative return on equity of 41.42%. 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 prior year, the firm earned $0.18 earnings per share. The business's quarterly revenue was up 31.8% on a year-over-year basis. As a group, equities research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Institutional Investors Weigh In On Snowflake

A number of hedge funds have recently modified their holdings of SNOW. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Snowflake during the second quarter worth about $3,900,134,000. Norges Bank acquired a new position in shares of Snowflake during the second quarter worth about $944,895,000. Nuveen LLC acquired a new position in shares of Snowflake during the first quarter worth about $555,847,000. Winslow Capital Management LLC acquired a new position in shares of Snowflake during the second quarter worth about $725,667,000. Finally, AQR Capital Management LLC boosted its position in shares of Snowflake by 346.2% during the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock worth $456,430,000 after buying an additional 2,460,769 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.

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