Snowflake (NYSE:SNOW) Stock Price Down 2.9% Following Insider Selling

Shares of Snowflake Inc. (NYSE:SNOW) were down 2.9% during mid-day trading on Monday following insider selling activity. The stock traded as low as $161.16 and last traded at $161.43. Approximately 1,436,386 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 6,754,512 shares. The stock had previously closed at $166.29.

Specifically, EVP Christian Kleinerman sold 861 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $165.31, for a total value of $142,331.91. Following the completion of the sale, the executive vice president now directly owns 582,930 shares of the company’s stock, valued at $96,364,158.30. This represents a 0.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 3,029 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $171.00, for a total value of $517,959.00. Following the completion of the sale, the executive vice president now directly owns 684,639 shares of the company’s stock, valued at $117,073,269. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Snowflake news, Director Frank Slootman sold 6,714 shares of Snowflake stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $171.00, for a total transaction of $1,148,094.00. Following the transaction, the director now directly owns 196,454 shares of the company’s stock, valued at $33,593,634. The trade was a 3.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

Several equities analysts have commented on SNOW shares. Piper Sandler reissued an “overweight” rating and set a $185.00 target price on shares of Snowflake in a research report on Tuesday, December 17th. Bank of America lifted their price target on Snowflake from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, November 21st. DA Davidson reaffirmed a “buy” rating and set a $175.00 target price on shares of Snowflake in a research report on Thursday, October 3rd. Royal Bank of Canada lifted their target price on Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Finally, TD Cowen increased their price target on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $185.03.

Snowflake Stock Performance

The stock has a market cap of $53.83 billion, a PE ratio of -48.10 and a beta of 1.02. The company has a fifty day moving average price of $145.35 and a 200 day moving average price of $131.03. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Hedge Funds Weigh In On Snowflake

A number of large investors have recently bought and sold shares of the stock. Groupama Asset Managment bought a new position in Snowflake during the 3rd quarter valued at approximately $25,000. Wellington Shields Capital Management LLC bought a new position in shares of Snowflake during the second quarter valued at approximately $27,000. V Square Quantitative Management LLC purchased a new stake in Snowflake in the third quarter worth $30,000. Fortitude Family Office LLC bought a new stake in Snowflake in the third quarter valued at $34,000. Finally, Larson Financial Group LLC increased its position in Snowflake by 81.3% during the 3rd quarter. Larson Financial Group LLC now owns 339 shares of the company’s stock valued at $39,000 after purchasing an additional 152 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.