Snowflake (NYSE:SNOW) Trading Up 3.6%

Snowflake Inc. (NYSE:SNOW)’s stock price rose 3.6% on Friday . The company traded as high as $160.29 and last traded at $158.03. Approximately 2,292,157 shares were traded during trading, a decline of 65% from the average daily volume of 6,476,134 shares. The stock had previously closed at $152.50.

Analysts Set New Price Targets

SNOW has been the subject of a number of analyst reports. Mizuho restated a “buy” rating and set a $205.00 price objective (down from $255.00) on shares of Snowflake in a research note on Thursday, February 29th. KeyCorp initiated coverage on shares of Snowflake in a research note on Thursday, April 11th. They set an “overweight” rating and a $185.00 price objective for the company. Royal Bank of Canada reduced their price objective on shares of Snowflake from $255.00 to $246.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Needham & Company LLC reduced their price objective on shares of Snowflake from $265.00 to $240.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $230.00 price objective on shares of Snowflake in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $202.00.

Snowflake Stock Up 3.7 %

The firm has a market cap of $52.85 billion, a PE ratio of -62.01 and a beta of 0.91. The firm’s fifty day simple moving average is $169.91 and its two-hundred day simple moving average is $179.05.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. As a group, analysts anticipate that Snowflake Inc. will post -1.9 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Frank Slootman sold 86,078 shares of Snowflake stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the sale, the chief executive officer now owns 180,143 shares in the company, valued at $40,555,593.59. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Benoit Dageville sold 689 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $161.42, for a total value of $111,218.38. Following the sale, the insider now owns 70,665 shares in the company, valued at $11,406,744.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Frank Slootman sold 86,078 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the completion of the sale, the chief executive officer now owns 180,143 shares in the company, valued at approximately $40,555,593.59. The disclosure for this sale can be found here. Insiders have sold a total of 168,209 shares of company stock worth $34,291,592 over the last quarter. Insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Snowflake

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after purchasing an additional 1,559,830 shares during the last quarter. FMR LLC boosted its stake in Snowflake by 32.1% during the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after buying an additional 1,496,235 shares during the period. Sands Capital Management LLC boosted its stake in Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after buying an additional 610,970 shares during the period. Norges Bank purchased a new position in Snowflake during the fourth quarter worth $838,455,000. Finally, Northern Trust Corp boosted its stake in Snowflake by 5.4% during the third quarter. Northern Trust Corp now owns 1,882,281 shares of the company’s stock worth $287,556,000 after buying an additional 95,814 shares during the period. 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.