Snowflake (NYSE:SNOW) Stock Price Up 1.9% Following Insider Buying Activity

Snowflake Inc. (NYSE:SNOW) shares rose 1.9% during mid-day trading on Thursday following insider buying activity. The stock traded as high as $165.89 and last traded at $163.11. Approximately 3,873,537 shares were traded during trading, a decline of 45% from the average daily volume of 7,029,214 shares. The stock had previously closed at $160.04.

Specifically, SVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $230.00, for a total transaction of $2,300,000.00. Following the completion of the sale, the senior vice president now owns 726,567 shares of the company’s stock, valued at $167,110,410. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Snowflake news, CRO Christopher William Degnan sold 3,800 shares of the company’s stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $200.13, for a total value of $760,494.00. Following the completion of the sale, the executive now directly owns 102,007 shares in the company, valued at approximately $20,414,660.91. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Christian Kleinerman sold 10,000 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $230.00, for a total value of $2,300,000.00. Following the transaction, the senior vice president now owns 726,567 shares of the company’s stock, valued at $167,110,410. The disclosure for this sale can be found here. Insiders have sold 184,355 shares of company stock worth $37,679,411 over the last quarter. Insiders own 8.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on SNOW shares. Citigroup cut their price target on Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a research report on Monday, March 4th. TD Cowen boosted their target price on Snowflake from $215.00 to $230.00 and gave the company an “outperform” rating in a report on Monday, December 11th. Redburn Atlantic reissued a “sell” rating and issued a $125.00 target price (down previously from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. Wells Fargo & Company boosted their target price on Snowflake from $190.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, November 30th. Finally, JMP Securities boosted their target price on Snowflake from $212.00 to $235.00 and gave the company a “market outperform” rating in a report on Thursday, February 29th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.50.

Snowflake Trading Up 1.8 %

The stock’s 50-day moving average price is $195.94 and its two-hundred day moving average price is $179.43. The stock has a market capitalization of $53.63 billion, a P/E ratio of -63.96 and a beta of 0.94.

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

Hedge Funds Weigh In On Snowflake

Several institutional investors and hedge funds have recently made changes to their positions in SNOW. Norges Bank bought a new position in shares of Snowflake during the 4th quarter valued at $838,455,000. Vanguard Group Inc. grew its holdings in Snowflake by 8.0% in the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after acquiring an additional 1,559,830 shares during the last quarter. FMR LLC grew its holdings in Snowflake by 32.1% in the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after acquiring an additional 1,496,235 shares during the last quarter. Winslow Capital Management LLC bought a new stake in shares of Snowflake during the 3rd quarter valued at about $226,302,000. Finally, Voloridge Investment Management LLC bought a new stake in shares of Snowflake during the 4th quarter valued at about $230,003,000. 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.