Snowflake (NYSE:SNOW) Shares Up 2.8%

Shares of Snowflake Inc. (NYSE:SNOW) rose 2.8% during mid-day trading on Tuesday . The company traded as high as $116.32 and last traded at $115.79. Approximately 1,263,556 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 6,429,928 shares. The stock had previously closed at $112.63.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SNOW. UBS Group boosted their price objective on Snowflake from $185.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, May 23rd. Sanford C. Bernstein increased their price target on shares of Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a research note on Thursday, May 23rd. KeyCorp lifted their price target on shares of Snowflake from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Oppenheimer restated an “outperform” rating and issued a $220.00 target price on shares of Snowflake in a research report on Thursday, May 23rd. Finally, Wedbush reiterated a “neutral” rating and set a $210.00 price target on shares of Snowflake in a report on Wednesday, June 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average target price of $197.31.

Snowflake Trading Up 5.6 %

The business’s fifty day moving average price is $131.32 and its 200 day moving average price is $160.97. The firm has a market capitalization of $40.71 billion, a price-to-earnings ratio of -42.79 and a beta of 0.85.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The company had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.28 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Christian Kleinerman sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the sale, the executive vice president now owns 772,597 shares in the company, valued at $124,504,006.55. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the sale, the executive vice president now directly owns 772,597 shares in the company, valued at $124,504,006.55. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 520,678 shares of company stock valued at $64,962,300. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SNOW. Accent Capital Management LLC acquired a new position in Snowflake during the fourth quarter worth about $25,000. LRI Investments LLC lifted its position in shares of Snowflake by 155.6% in the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after acquiring an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Snowflake in the second quarter worth $27,000. Riverview Trust Co purchased a new position in Snowflake during the 1st quarter valued at about $31,000. Finally, Hartford Financial Management Inc. purchased a new position in Snowflake during the first quarter valued at approximately $32,000. 65.10% of the stock is currently owned by institutional investors.

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.