Insider Buying: Snowflake Inc. (NYSE:SNOW) CEO Buys 31,542 Shares of Stock

Snowflake Inc. (NYSE:SNOW) CEO Sridhar Ramaswamy acquired 31,542 shares of Snowflake stock in a transaction dated Monday, March 25th. The shares were purchased at an average cost of $158.52 per share, with a total value of $5,000,037.84. Following the completion of the transaction, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Snowflake Price Performance

NYSE:SNOW opened at $160.05 on Thursday. The business has a fifty day simple moving average of $195.94 and a two-hundred day simple moving average of $179.43. Snowflake Inc. has a 1 year low of $134.17 and a 1 year high of $237.72. The company has a market capitalization of $52.70 billion, a P/E ratio of -62.76 and a beta of 0.94.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. The business had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative return on equity of 13.80% and a negative net margin of 29.79%. As a group, analysts anticipate that Snowflake Inc. will post -1.92 earnings per share for the current year.

Institutional Investors Weigh In On Snowflake

Hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in shares of Snowflake by 79.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,293 shares of the company’s stock worth $984,000 after acquiring an additional 1,897 shares during the period. MetLife Investment Management LLC purchased a new stake in shares of Snowflake in the 1st quarter worth $2,880,000. Panagora Asset Management Inc. increased its stake in shares of Snowflake by 24.8% in the 1st quarter. Panagora Asset Management Inc. now owns 2,718 shares of the company’s stock worth $623,000 after purchasing an additional 540 shares in the last quarter. Raymond James Trust N.A. purchased a new stake in shares of Snowflake in the 1st quarter worth $362,000. Finally, Cibc World Market Inc. increased its stake in shares of Snowflake by 37.2% in the 1st quarter. Cibc World Market Inc. now owns 13,959 shares of the company’s stock worth $3,198,000 after purchasing an additional 3,783 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Wall Street Analysts Forecast Growth

SNOW has been the topic of several analyst reports. Redburn Atlantic reiterated a “sell” rating and set a $125.00 target price (down previously from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. Macquarie upgraded Snowflake from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $182.00 to $205.00 in a report on Thursday, February 29th. JMP Securities upped their target price on Snowflake from $212.00 to $235.00 and gave the stock a “market outperform” rating in a report on Thursday, February 29th. HSBC reiterated a “reduce” rating on shares of Snowflake in a report on Thursday, February 29th. Finally, Scotiabank upped their target price on Snowflake from $194.00 to $226.00 and gave the stock a “sector outperform” rating in a report on Thursday, November 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $202.50.

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.