Snowflake (NYSE:SNOW) Stock Price Down 5.3%

Shares of Snowflake Inc. (NYSE:SNOW) dropped 5.3% on Friday . The company traded as low as $117.01 and last traded at $117.58. Approximately 2,635,361 shares changed hands during trading, a decline of 59% from the average daily volume of 6,424,823 shares. The stock had previously closed at $124.20.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SNOW shares. Canaccord Genuity Group reduced their price target on shares of Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a report on Friday, May 24th. StockNews.com lowered shares of Snowflake from a “hold” rating to a “sell” rating in a research note on Friday, May 24th. Sanford C. Bernstein upped their target price on shares of Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a research note on Thursday, May 23rd. Macquarie dropped their price objective on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a research note on Friday, May 24th. Finally, Oppenheimer restated an “outperform” rating and set a $220.00 target price on shares of Snowflake in a research report on Thursday, May 23rd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $197.31.

Snowflake Stock Performance

The business has a fifty day moving average price of $134.31 and a 200 day moving average price of $163.22. The firm has a market capitalization of $40.09 billion, a price-to-earnings ratio of -41.99 and a beta of 0.85.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The business had revenue of $828.71 million during the quarter, compared to analyst estimates of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. On average, analysts expect that Snowflake Inc. will post -2.28 earnings per share for the current year.

Insider Activity

In related news, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the sale, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now owns 4,247 shares in the company, valued at approximately $607,236.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 546 shares of Snowflake stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $129.32, for a total transaction of $70,608.72. Following the completion of the transaction, the executive vice president now owns 756,489 shares of the company’s stock, valued at $97,829,157.48. The disclosure for this sale can be found here. Insiders sold 520,678 shares of company stock worth $64,962,300 over the last quarter. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of Snowflake

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Whalen Wealth Management Inc. purchased a new position in shares of Snowflake during the 2nd quarter worth approximately $568,000. Versor Investments LP purchased a new position in Snowflake in the second quarter valued at about $1,202,000. CIBC Asset Management Inc lifted its position in shares of Snowflake by 8.8% during the 2nd quarter. CIBC Asset Management Inc now owns 11,161 shares of the company’s stock worth $1,508,000 after buying an additional 902 shares during the period. Claro Advisors LLC acquired a new stake in Snowflake in the 2nd quarter valued at about $227,000. Finally, Farther Finance Advisors LLC lifted its stake in Snowflake by 64.6% in the second quarter. Farther Finance Advisors LLC now owns 4,179 shares of the company’s stock valued at $597,000 after buying an additional 1,640 shares during the period. Hedge funds and other 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.