Snowflake (NYSE:SNOW) Shares Gap Down – Here’s Why

Snowflake Inc. (NYSE:SNOW)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $119.56, but opened at $116.90. Snowflake shares last traded at $116.76, with a volume of 592,119 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SNOW. DA Davidson restated a “buy” rating and set a $175.00 price objective on shares of Snowflake in a research report on Thursday, October 3rd. Wedbush upgraded Snowflake to a “hold” rating in a research report on Thursday, October 17th. Needham & Company LLC reduced their price objective on Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Argus initiated coverage on Snowflake in a research report on Tuesday, October 1st. They set a “hold” rating on the stock. Finally, Stifel Nicolaus reduced their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $174.74.

Snowflake Stock Performance

The company has a market cap of $38.40 billion, a PE ratio of -41.88 and a beta of 0.83. The business’s 50-day moving average is $116.58 and its 200 day moving average is $132.79.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. During the same period in the prior year, the business posted ($0.52) EPS. Snowflake’s quarterly revenue was up 28.9% compared to the same quarter last year. Equities research analysts anticipate that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now owns 718,773 shares in the company, valued at $86,252,760. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now owns 53,820 shares of the company’s stock, valued at $6,156,469.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares in the company, valued at approximately $86,252,760. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,049,994 over the last 90 days. 7.80% of the stock is owned by company insiders.

Institutional Trading of Snowflake

Several institutional investors have recently added to or reduced their stakes in the business. Stanley Laman Group Ltd. bought a new position in Snowflake in the 3rd quarter worth $7,165,000. Waldron Private Wealth LLC purchased a new position in shares of Snowflake during the third quarter valued at about $40,000. Signaturefd LLC grew its position in shares of Snowflake by 13.0% during the third quarter. Signaturefd LLC now owns 2,161 shares of the company’s stock valued at $248,000 after purchasing an additional 248 shares in the last quarter. Hillman Co. purchased a new position in shares of Snowflake during the third quarter valued at about $3,152,000. Finally, Whittier Trust Co. of Nevada Inc. grew its position in shares of Snowflake by 449.6% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 720 shares of the company’s stock valued at $83,000 after purchasing an additional 589 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

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.