Snowflake Inc. (NYSE:SNOW – Get Free Report)’s stock price dropped 4.7% during trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $226.00 to $183.00. Royal Bank of Canada currently has an outperform rating on the stock. Snowflake traded as low as $128.41 and last traded at $130.59. Approximately 7,226,145 shares traded hands during mid-day trading, an increase of 15% from the average daily volume of 6,280,789 shares. The stock had previously closed at $137.00.
SNOW has been the subject of a number of other research reports. StockNews.com cut Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Robert W. Baird lowered their target price on shares of Snowflake from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 target price on shares of Snowflake in a report on Thursday, May 23rd. Wedbush reaffirmed a “neutral” rating and set a $210.00 target price on shares of Snowflake in a research report on Wednesday. Finally, BNP Paribas raised shares of Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 price target for the company in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $198.92.
Insider Activity
In other Snowflake news, insider Benoit Dageville sold 8,515 shares of Snowflake stock in a transaction on Monday, March 18th. The shares were sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the completion of the sale, the insider now owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Snowflake news, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the transaction, the insider now owns 55,216 shares in the company, valued at $8,627,500. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $161.94, for a total transaction of $242,910.00. Following the transaction, the executive vice president now owns 772,291 shares of the company’s stock, valued at approximately $125,064,804.54. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,880 shares of company stock valued at $10,832,965. 7.80% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Snowflake
Several large investors have recently made changes to their positions in SNOW. Accent Capital Management LLC bought a new stake in shares of Snowflake during the fourth quarter worth $25,000. LRI Investments LLC bought a new position in Snowflake in the first quarter valued at $29,000. Provence Wealth Management Group acquired a new stake in Snowflake in the 3rd quarter valued at $30,000. Riverview Trust Co bought a new stake in Snowflake during the 1st quarter worth about $31,000. Finally, Hartford Financial Management Inc. acquired a new position in shares of Snowflake during the 1st quarter worth about $32,000. Institutional investors own 65.10% of the company’s stock.
Snowflake Stock Performance
The company has a fifty day moving average price of $154.95 and a two-hundred day moving average price of $179.61. The company has a market cap of $44.92 billion, a P/E ratio of -46.64 and a beta of 0.85.
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.