Snowflake (NYSE:SNOW) Stock Price Down 11.5% on Insider Selling

Snowflake Inc. (NYSE:SNOW)’s share price fell 11.5% on Thursday after an insider sold shares in the company. The company traded as low as $234.03 and last traded at $234.49. 25,516,954 shares were traded during mid-day trading, an increase of 389% from the average session volume of 5,214,163 shares. The stock had previously closed at $265.00.

Specifically, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $249.53, for a total value of $2,495,300.00. Following the completion of the sale, the executive vice president owned 512,450 shares in the company, valued at $127,871,648.50. This represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus upped their price objective on shares of Snowflake from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday. Monness Crespi & Hardt lifted their target price on Snowflake from $260.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday. The Goldman Sachs Group lifted their price objective on Snowflake from $230.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Wedbush reissued an “outperform” rating and set a $270.00 price objective on shares of Snowflake in a report on Thursday. Finally, Rosenblatt Securities raised their target price on Snowflake from $250.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.05.

Snowflake Price Performance

The business’s 50 day moving average is $250.99 and its two-hundred day moving average is $225.85. The firm has a market capitalization of $79.45 billion, a PE ratio of -56.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48.

Snowflake (NYSE:SNOW) last released its quarterly 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 business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.20 EPS. As a group, research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SNOW. Goldman Sachs Group Inc. boosted its stake in Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock worth $524,293,000 after buying an additional 650,775 shares in the last quarter. CenterBook Partners LP purchased a new stake in shares of Snowflake in the 1st quarter valued at $2,381,000. Berkshire Capital Holdings Inc. grew its holdings in shares of Snowflake by 71,500.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock valued at $1,047,000 after purchasing an additional 7,150 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Snowflake during the 2nd quarter valued at $6,845,000. Finally, Kingstone Capital Partners Texas LLC bought a new stake in Snowflake in the second quarter worth $3,900,134,000. 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.