Snowflake (NYSE:SNOW) Trading Up 1.2% - What's Next?

Snowflake Inc. (NYSE:SNOW - Get Free Report) traded up 1.2% during mid-day trading on Thursday . The stock traded as high as $212.70 and last traded at $211.89. 4,212,883 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 6,217,782 shares. The stock had previously closed at $209.45.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SNOW shares. Daiwa Capital Markets started coverage on Snowflake in a research report on Tuesday, April 1st. They set a "buy" rating and a $210.00 price objective for the company. Barclays reiterated an "overweight" rating and issued a $219.00 target price (up from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. Citigroup restated an "outperform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Monness Crespi & Hardt increased their price objective on shares of Snowflake from $230.00 to $245.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Finally, Raymond James Financial reissued an "outperform" rating and set a $212.00 target price (up from $196.00) on shares of Snowflake in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $223.50.

Snowflake Stock Performance

The firm's 50-day simple moving average is $180.43 and its two-hundred day simple moving average is $171.52. 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 stock has a market capitalization of $70.74 billion, a PE ratio of -50.33 and a beta of 1.21.

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

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 7,908 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $154.67, for a total transaction of $1,223,130.36. Following the transaction, the executive vice president now directly owns 600,632 shares of the company's stock, valued at $92,899,751.44. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 7,294 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $208.00, for a total value of $1,517,152.00. Following the completion of the sale, the director now owns 170,718 shares of the company's stock, valued at approximately $35,509,344. This trade represents a 4.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 902,546 shares of company stock worth $171,188,169 in the last ninety days. Corporate insiders own 6.80% of the company's stock.

Institutional Trading of Snowflake

A number of institutional investors and hedge funds have recently modified their holdings of SNOW. Norges Bank acquired a new position in Snowflake during the 4th quarter worth $988,950,000. GQG Partners LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at about $750,572,000. Nuveen LLC bought a new position in shares of Snowflake in the first quarter worth about $555,847,000. FMR LLC boosted its stake in Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company's stock valued at $943,155,000 after purchasing an additional 2,805,425 shares during the period. Finally, AQR Capital Management LLC boosted its stake in Snowflake by 346.2% during the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock valued at $456,430,000 after purchasing an additional 2,460,769 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Company Profile

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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