Snowflake (NYSE:SNOW) Shares Up 2.8%

Snowflake Inc. (NYSE:SNOW)’s stock price shot up 2.8% during trading on Tuesday . The company traded as high as $116.32 and last traded at $115.79. 1,263,556 shares changed hands during trading, a decline of 80% from the average session volume of 6,429,928 shares. The stock had previously closed at $112.63.

Analysts Set New Price Targets

Several research analysts have recently commented on SNOW shares. Royal Bank of Canada lowered their price target on Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a research report on Wednesday, June 5th. Bank of America restated a “neutral” rating and set a $200.00 target price on shares of Snowflake in a report on Wednesday, June 12th. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 price target on shares of Snowflake in a research note on Monday, July 1st. KeyCorp increased their price target on shares of Snowflake from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Finally, Canaccord Genuity Group dropped their price objective on shares of Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a report on Friday, May 24th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and a consensus price target of $197.31.

Snowflake Price Performance

The stock has a 50 day simple moving average of $132.71 and a two-hundred day simple moving average of $161.85. The company has a market cap of $38.44 billion, a PE ratio of -41.35 and a beta of 0.85.

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

Insider Buying and Selling at Snowflake

In related news, EVP Grzegorz Czajkowski sold 469,120 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the completion of the sale, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at $60,922,410.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Christian Kleinerman sold 546 shares of Snowflake stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $129.32, for a total value of $70,608.72. Following the sale, the executive vice president now directly owns 756,489 shares in the company, valued at $97,829,157.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the completion of the sale, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 520,678 shares of company stock worth $64,962,300. 7.80% of the stock is currently owned by insiders.

Institutional Trading of Snowflake

Institutional investors have recently added to or reduced their stakes in the stock. Accent Capital Management LLC acquired a new stake in Snowflake in the fourth quarter valued at $25,000. LRI Investments LLC boosted 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 worth $25,000 after buying an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in Snowflake in the 2nd quarter valued at about $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 1st quarter valued at about $32,000. Hedge funds and other institutional investors 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.