Snowflake Inc. (NYSE:SNOW – Get Free Report)’s share price dropped 0.1% during trading on Friday after Bank of America lowered their price target on the stock from $200.00 to $160.00. Bank of America currently has a neutral rating on the stock. Snowflake traded as low as $124.73 and last traded at $126.95. Approximately 1,843,360 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 6,343,892 shares. The stock had previously closed at $127.05.
A number of other research analysts also recently commented on SNOW. Piper Sandler lowered their price objective on shares of Snowflake from $240.00 to $165.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $235.00 price target on shares of Snowflake in a research note on Tuesday, June 4th. Stifel Nicolaus reduced their price objective on Snowflake from $220.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. Mizuho dropped their target price on Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Finally, Loop Capital reduced their price target on Snowflake from $235.00 to $225.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $196.79.
Insider Transactions at Snowflake
In other Snowflake news, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the completion of the transaction, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Snowflake news, insider Benoit Dageville sold 558 shares of Snowflake stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total transaction of $71,596.98. Following the sale, the insider now owns 63,222 shares in the company, valued at $8,112,014.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $137.14, for a total transaction of $2,057,100.00. Following the completion of the sale, the executive vice president now directly owns 757,597 shares in the company, valued at approximately $103,896,852.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 534,178 shares of company stock worth $66,520,575. 7.80% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Accent Capital Management LLC bought a new position in shares of Snowflake during the fourth quarter valued at $25,000. LRI Investments LLC lifted its holdings in Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares during the last quarter. Wellington Shields Capital Management LLC bought a new position in Snowflake during the 2nd quarter valued at about $27,000. Riverview Trust Co bought a new stake in Snowflake during the first quarter worth about $31,000. Finally, Hartford Financial Management Inc. acquired a new stake in shares of Snowflake during the first quarter worth approximately $32,000. Institutional investors own 65.10% of the company’s stock.
Snowflake Price Performance
The company has a market cap of $42.87 billion, a P/E ratio of -45.74 and a beta of 0.85. The business’s 50 day moving average price is $129.92 and its 200-day moving average price is $157.44.
Snowflake (NYSE:SNOW – Get Free Report) last issued its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.40). The business had revenue of $828.71 million during the quarter, compared to the consensus estimate of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. As a group, research analysts forecast that Snowflake Inc. will post -2.31 EPS for the current year.
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.