Snowflake (NYSE:SNOW) Shares Gap Up to $152.50

Snowflake Inc. (NYSE:SNOW) gapped up before the market opened on Friday . The stock had previously closed at $152.50, but opened at $159.76. Snowflake shares last traded at $158.38, with a volume of 1,239,867 shares trading hands.

Analyst Ratings Changes

SNOW has been the topic of several recent research reports. Canaccord Genuity Group restated a “buy” rating and set a $230.00 target price on shares of Snowflake in a report on Thursday, February 29th. Citigroup dropped their price objective on Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a research note on Monday, March 4th. Redburn Atlantic reiterated a “sell” rating and issued a $125.00 price objective (down from $180.00) on shares of Snowflake in a research note on Tuesday, March 19th. JMP Securities lifted their price objective on Snowflake from $212.00 to $235.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 29th. Finally, UBS Group lifted their price objective on Snowflake from $185.00 to $225.00 and gave the stock a “neutral” rating in a research note on Thursday, February 22nd. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus price target of $202.00.

Snowflake Price Performance

The business’s 50 day moving average price is $169.91 and its 200-day moving average price is $179.05. The company has a market cap of $52.85 billion, a P/E ratio of -62.01 and a beta of 0.91.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The company had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. As a group, research analysts forecast that Snowflake Inc. will post -1.9 EPS for the current year.

Insider Activity

In related news, SVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $230.00, for a total value of $2,300,000.00. Following the completion of the transaction, the senior vice president now owns 726,567 shares in the company, valued at approximately $167,110,410. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sridhar Ramaswamy acquired 31,542 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the transaction, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at approximately $5,000,037.84. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $230.00, for a total transaction of $2,300,000.00. Following the completion of the transaction, the senior vice president now owns 726,567 shares of the company’s stock, valued at approximately $167,110,410. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 168,209 shares of company stock worth $34,291,592. Insiders own 8.30% of the company’s stock.

Institutional Trading of Snowflake

Institutional investors and hedge funds have recently made changes to their positions in the business. Accent Capital Management LLC bought a new stake in shares of Snowflake during the 4th quarter valued at $25,000. Ulland Investment Advisors LLC raised its position in shares of Snowflake by 270.0% during the 3rd quarter. Ulland Investment Advisors LLC now owns 185 shares of the company’s stock valued at $28,000 after acquiring an additional 135 shares during the last quarter. Provence Wealth Management Group bought a new stake in shares of Snowflake during the 3rd quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Snowflake by 54.1% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 205 shares of the company’s stock valued at $31,000 after acquiring an additional 72 shares during the last quarter. Finally, Global Wealth Management Investment Advisory Inc. raised its position in shares of Snowflake by 89.0% during the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock valued at $31,000 after acquiring an additional 97 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

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.