Snowflake Inc. (NYSE:SNOW) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 4,910,000 shares, a decrease of 22.6% from the December 15th total of 6,340,000 shares. Based on an average daily volume of 3,100,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.8% of the company’s stock are sold short.
Several equities analysts recently weighed in on SNOW shares. Mizuho raised their price objective on shares of Snowflake from $340.00 to $450.00 and gave the company a “buy” rating in a research report on Monday, November 15th. They noted that the move was a valuation call. Truist Financial increased their price target on Snowflake from $350.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, December 2nd. JMP Securities increased their price target on Snowflake from $350.00 to $385.00 and gave the company an “outperform” rating in a report on Thursday, December 2nd. Citigroup upgraded Snowflake from a “neutral” rating to a “buy” rating and increased their price target for the company from $299.00 to $470.00 in a report on Thursday, December 2nd. Finally, Credit Suisse Group increased their price target on Snowflake from $455.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, December 6th. Ten research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $363.57.
In related news, Director Teresa Briggs sold 3,000 shares of the stock in a transaction dated Monday, December 20th. The shares were sold at an average price of $332.69, for a total value of $998,070.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Christopher William Degnan sold 12,778 shares of the firm’s stock in a transaction dated Wednesday, December 1st. The shares were sold at an average price of $323.40, for a total transaction of $4,132,405.20. The disclosure for this sale can be found here. Insiders sold 2,089,299 shares of company stock valued at $728,257,729 over the last 90 days. Insiders own 11.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PSI Advisors LLC bought a new stake in shares of Snowflake during the 3rd quarter worth approximately $35,000. Private Capital Group LLC bought a new stake in shares of Snowflake during the 3rd quarter worth approximately $35,000. Monetary Management Group Inc. raised its stake in shares of Snowflake by 150.0% during the 2nd quarter. Monetary Management Group Inc. now owns 125 shares of the company’s stock worth $30,000 after purchasing an additional 75 shares in the last quarter. Lindbrook Capital LLC raised its stake in shares of Snowflake by 365.5% during the 4th quarter. Lindbrook Capital LLC now owns 135 shares of the company’s stock worth $46,000 after purchasing an additional 106 shares in the last quarter. Finally, Delta Asset Management LLC TN raised its stake in shares of Snowflake by 66.7% during the 3rd quarter. Delta Asset Management LLC TN now owns 150 shares of the company’s stock worth $45,000 after purchasing an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 66.93% of the company’s stock.
Snowflake stock opened at $290.76 on Wednesday. The firm has a market capitalization of $89.06 billion, a P/E ratio of -112.82 and a beta of 1.52. Snowflake has a 1 year low of $184.71 and a 1 year high of $405.00. The business has a 50-day moving average of $343.86 and a 200-day moving average of $316.15.
Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, December 1st. The company reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.10. Snowflake had a negative return on equity of 14.91% and a negative net margin of 72.78%. The company had revenue of $334.44 million during the quarter, compared to analyst estimates of $306.13 million. During the same period in the previous year, the company earned ($1.00) EPS. The company’s revenue for the quarter was up 109.5% compared to the same quarter last year. On average, equities research analysts expect that Snowflake will post -2.04 EPS for the current fiscal year.
Snowflake Company Profile
Snowflake Inc provides cloud-based data platform in the United States and internationally. The company’s platform offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data.