Snowflake (NYSE:SNOW) Shares Up 2.4% – Here’s What Happened

Snowflake Inc. (NYSE:SNOW)’s stock price rose 2.4% during trading on Tuesday . The stock traded as high as $221.38 and last traded at $220.4520. Approximately 4,677,986 shares changed hands during trading, a decline of 11% from the average daily volume of 5,258,131 shares. The stock had previously closed at $215.28.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SNOW. Wells Fargo & Company increased their target price on Snowflake from $275.00 to $290.00 and gave the company an “overweight” rating in a report on Thursday, December 4th. Mizuho increased their price objective on Snowflake from $260.00 to $285.00 and gave the company an “outperform” rating in a research note on Monday, November 17th. DA Davidson reaffirmed a “buy” rating and set a $300.00 target price on shares of Snowflake in a research note on Monday, December 1st. UBS Group reaffirmed a “buy” rating on shares of Snowflake in a report on Thursday, December 4th. Finally, Macquarie raised their price target on shares of Snowflake from $235.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $275.32.

Snowflake Stock Performance

The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.37 and a current ratio of 1.37. The firm’s 50-day moving average price is $249.69 and its two-hundred day moving average price is $227.60. The stock has a market cap of $74.69 billion, a price-to-earnings ratio of -54.57 and a beta of 1.09.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. Snowflake’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.20 earnings per share. On average, analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $230.65, for a total transaction of $92,951.95. Following the completion of the sale, the director owned 24,524 shares of the company’s stock, valued at $5,656,460.60. This trade represents a 1.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Slootman sold 1,993 shares of Snowflake stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $223.31, for a total value of $445,056.83. Following the completion of the sale, the director owned 150,456 shares in the company, valued at $33,598,329.36. This represents a 1.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 210,834 shares of company stock valued at $51,062,543. 6.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

A number of hedge funds and other institutional investors have recently modified their holdings of SNOW. Vanguard Group Inc. lifted its position in Snowflake by 3.1% in the third quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company’s stock valued at $6,461,465,000 after buying an additional 857,832 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Snowflake in the 2nd quarter worth approximately $3,900,134,000. Jennison Associates LLC boosted its position in shares of Snowflake by 13.5% during the 3rd quarter. Jennison Associates LLC now owns 9,083,889 shares of the company’s stock worth $2,048,871,000 after purchasing an additional 1,083,222 shares during the period. State Street Corp increased its holdings in Snowflake by 1.4% in the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company’s stock valued at $1,541,120,000 after purchasing an additional 94,293 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its position in Snowflake by 15.2% in the second quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock valued at $1,108,045,000 after purchasing an additional 652,485 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

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.