Snowflake (NYSE:SNOW) Shares Down 2.9% on Insider Selling

Shares of Snowflake Inc. (NYSE:SNOW) fell 2.9% during trading on Monday after an insider sold shares in the company. The stock traded as low as $161.16 and last traded at $161.43. 1,436,386 shares were traded during trading, a decline of 79% from the average session volume of 6,754,512 shares. The stock had previously closed at $166.29.

Specifically, EVP Christian Kleinerman sold 861 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $165.31, for a total value of $142,331.91. Following the sale, the executive vice president now directly owns 582,930 shares of the company’s stock, valued at $96,364,158.30. This represents a 0.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 3,029 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $171.00, for a total value of $517,959.00. Following the transaction, the executive vice president now directly owns 684,639 shares of the company’s stock, valued at $117,073,269. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. In other news, Director Frank Slootman sold 6,714 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $171.00, for a total value of $1,148,094.00. Following the sale, the director now directly owns 196,454 shares of the company’s stock, valued at $33,593,634. This represents a 3.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Royal Bank of Canada boosted their price target on Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Piper Sandler reissued an “overweight” rating and issued a $185.00 target price on shares of Snowflake in a report on Tuesday, December 17th. Oppenheimer restated an “outperform” rating and set a $180.00 price target on shares of Snowflake in a report on Thursday, November 21st. Citigroup dropped their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating on the stock in a research note on Monday, November 18th. Finally, TD Cowen raised their price objective on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $185.03.

Snowflake Price Performance

The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The company has a market cap of $53.83 billion, a P/E ratio of -48.10 and a beta of 1.02. The firm has a 50 day moving average of $145.35 and a 200-day moving average of $131.03.

Institutional Trading of Snowflake

Several hedge funds have recently bought and sold shares of the stock. Toronto Dominion Bank increased its holdings in shares of Snowflake by 24.1% in the third quarter. Toronto Dominion Bank now owns 37,226 shares of the company’s stock worth $4,276,000 after purchasing an additional 7,239 shares during the last quarter. Independent Advisor Alliance increased its stake in Snowflake by 15.5% in the 3rd quarter. Independent Advisor Alliance now owns 4,078 shares of the company’s stock worth $468,000 after acquiring an additional 548 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Snowflake by 1.4% during the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock worth $66,086,000 after acquiring an additional 7,373 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Snowflake by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,247,511 shares of the company’s stock valued at $143,289,000 after acquiring an additional 36,704 shares during the last quarter. Finally, Sender Co & Partners Inc. grew its holdings in shares of Snowflake by 100.9% in the third quarter. Sender Co & Partners Inc. now owns 8,522 shares of the company’s stock valued at $979,000 after purchasing an additional 4,280 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

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.