Snowflake (NYSE:SNOW) Shares Up 2%

Snowflake Inc. (NYSE:SNOW)’s share price shot up 2% during mid-day trading on Friday . The stock traded as high as $145.99 and last traded at $145.74. 1,403,428 shares were traded during trading, a decline of 79% from the average session volume of 6,597,133 shares. The stock had previously closed at $142.86.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SNOW. Oppenheimer reiterated an “outperform” rating and set a $220.00 target price on shares of Snowflake in a research report on Thursday, May 23rd. Robert W. Baird dropped their target price on shares of Snowflake from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. JMP Securities reiterated a “market outperform” rating and set a $235.00 target price on shares of Snowflake in a research report on Tuesday, June 4th. StockNews.com lowered shares of Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Finally, KeyCorp lifted their target price 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. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $199.46.

Snowflake Stock Performance

The company’s 50-day moving average is $145.02 and its 200 day moving average is $171.84. The company has a market capitalization of $48.19 billion, a PE ratio of -52.05 and a beta of 0.85.

Snowflake (NYSE:SNOW) last announced 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 net margin of 30.80% and a negative return on equity of 15.99%. On average, analysts forecast that Snowflake Inc. will post -2.28 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the transaction, the insider now owns 63,222 shares of the company’s stock, valued at $8,112,014.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Michael L. Speiser bought 76,200 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were bought at an average price of $131.09 per share, for a total transaction of $9,989,058.00. Following the purchase, the director now owns 1,632,225 shares in the company, valued at $213,968,375.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total transaction of $71,596.98. Following the sale, the insider now owns 63,222 shares in the company, valued at approximately $8,112,014.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 519,112 shares of company stock valued at $64,932,073. 7.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Snowflake

Large investors have recently bought and sold shares of the business. Trexquant Investment LP increased its position in Snowflake by 266.3% in the fourth quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock worth $2,089,000 after purchasing an additional 7,633 shares during the last quarter. Ridgewood Investments LLC purchased a new position in Snowflake during the first quarter worth $244,000. Congress Wealth Management LLC DE purchased a new position in Snowflake during the fourth quarter worth $232,000. Riverview Trust Co purchased a new position in Snowflake during the first quarter worth $31,000. Finally, Vanguard Group Inc. boosted its stake in Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after buying an additional 1,559,830 shares during the period. 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.