Snowflake Sees Unusually Large Options Volume (NYSE:SNOW)

Snowflake Inc. (NYSE:SNOW - Get Free Report) was the target of some unusual options trading activity on Tuesday. Stock investors purchased 79,928 call options on the stock. This represents an increase of approximately 37% compared to the average daily volume of 58,514 call options.

Analyst Ratings Changes

SNOW has been the subject of several research reports. Daiwa Capital Markets initiated coverage on shares of Snowflake in a research report on Tuesday, April 1st. They issued a "buy" rating and a $210.00 price target for the company. Cowen reiterated a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Wells Fargo & Company reiterated an "overweight" rating and issued a $225.00 price target (up previously from $200.00) on shares of Snowflake in a research report on Thursday, May 22nd. Mizuho upped their price objective on shares of Snowflake from $205.00 to $215.00 and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Finally, Raymond James reaffirmed an "outperform" rating and issued a $212.00 target price (up previously from $196.00) on shares of Snowflake in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-one have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $217.33.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the completion of the sale, the director now owns 26,375 shares in the company, valued at $3,408,968.75. This represents a 1.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the completion of the sale, the executive vice president now owns 594,975 shares of the company's stock, valued at approximately $102,186,956.25. This trade represents a 2.46% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 849,779 shares of company stock worth $158,838,193. Corporate insiders own 7.80% of the company's stock.

Institutional Trading of Snowflake

Several large investors have recently modified their holdings of SNOW. Norges Bank acquired a new stake in Snowflake during the fourth quarter worth approximately $988,950,000. GQG Partners LLC acquired a new stake in Snowflake during the fourth quarter worth approximately $750,572,000. Nuveen LLC acquired a new stake in Snowflake during the first quarter worth approximately $555,847,000. Jennison Associates LLC boosted its position in Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock worth $1,179,230,000 after acquiring an additional 3,662,671 shares during the last quarter. Finally, FMR LLC boosted its position in Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after acquiring an additional 2,805,425 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Price Performance

Shares of SNOW stock traded up $3.38 during trading hours on Friday, hitting $205.69. The company's stock had a trading volume of 7,073,445 shares, compared to its average volume of 6,434,906. The business has a fifty day moving average of $163.63 and a 200-day moving average of $166.60. The stock has a market cap of $68.67 billion, a price-to-earnings ratio of -60.68 and a beta of 1.11. Snowflake has a twelve month low of $107.13 and a twelve month high of $209.80. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

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

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.