Snowflake (NYSE:SNOW) Stock Price Down 1.6% – Time to Sell?

Snowflake Inc. (NYSE:SNOW) fell 1.6% on Monday . The stock traded as low as $179.22 and last traded at $180.69. 2,144,868 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 6,793,408 shares. The stock had previously closed at $183.64.

Wall Street Analysts Forecast Growth

SNOW has been the subject of several recent analyst reports. Robert W. Baird reduced their target price on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research report on Tuesday, August 20th. Barclays boosted their target price on Snowflake from $172.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Canaccord Genuity Group reduced their target price on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Truist Financial restated a “buy” rating and set a $210.00 target price on shares of Snowflake in a research report on Thursday, November 21st. Finally, Rosenblatt Securities restated a “buy” rating and set a $180.00 target price on shares of Snowflake in a research report on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus price target of $183.89.

Snowflake Trading Down 5.1 %

The firm has a 50 day simple moving average of $135.44 and a 200 day simple moving average of $129.15. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $56.63 billion, a PE ratio of -50.60 and a beta of 1.03.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 861 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $95,924.01. Following the transaction, the executive vice president now directly owns 751,755 shares of the company’s stock, valued at $83,753,024.55. This represents a 0.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Slootman sold 6,251 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $715,051.89. Following the transaction, the director now directly owns 208,735 shares in the company, valued at $23,877,196.65. The trade was a 2.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 292,114 shares of company stock worth $47,587,279. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several hedge funds and other institutional investors have recently modified their holdings of the company. Oddo BHF Asset Management Sas bought a new position in Snowflake in the 3rd quarter worth $12,145,000. Garde Capital Inc. raised its holdings in Snowflake by 9.5% in the 3rd quarter. Garde Capital Inc. now owns 6,050 shares of the company’s stock worth $695,000 after purchasing an additional 526 shares during the period. Franklin Resources Inc. raised its holdings in Snowflake by 1.4% in the 3rd quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock worth $66,086,000 after purchasing an additional 7,373 shares during the period. Synovus Financial Corp raised its holdings in Snowflake by 28.6% in the 3rd quarter. Synovus Financial Corp now owns 6,077 shares of the company’s stock worth $698,000 after purchasing an additional 1,352 shares during the period. Finally, Blankinship & Foster LLC bought a new position in Snowflake in the 3rd quarter worth $896,000. 65.10% of the stock is owned by institutional investors.

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.