Investors Buy Large Volume of Call Options on Snowflake (NYSE:SNOW)

Snowflake Inc. (NYSE:SNOW) was the recipient of unusually large options trading activity on Wednesday. Stock traders bought 112,578 call options on the company. This is an increase of 26% compared to the typical volume of 89,033 call options.

Insider Buying and Selling

In related news, CAO Emily Ho sold 2,021 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $173.68, for a total transaction of $351,007.28. Following the transaction, the chief accounting officer now directly owns 26,874 shares in the company, valued at approximately $4,667,476.32. The trade was a 6.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 59,617 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $176.25, for a total transaction of $10,507,496.25. Following the completion of the sale, the director now directly owns 208,735 shares of the company’s stock, valued at approximately $36,789,543.75. This trade represents a 22.22 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 264,278 shares of company stock valued at $42,512,248. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SNOW. State Street Corp lifted its position in shares of Snowflake by 0.8% in the third quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after buying an additional 54,909 shares in the last quarter. Geode Capital Management LLC grew its holdings in Snowflake by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock worth $475,894,000 after acquiring an additional 138,663 shares in the last quarter. Two Sigma Advisers LP boosted its position in Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after acquiring an additional 881,700 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its stake in Snowflake by 19,399.2% in the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock valued at $295,459,000 after acquiring an additional 2,559,144 shares in the last quarter. Finally, Legal & General Group Plc grew its position in Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after purchasing an additional 223,936 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Up 4.8 %

Shares of SNOW traded up $8.39 during trading hours on Wednesday, hitting $184.33. The company had a trading volume of 8,179,701 shares, compared to its average volume of 6,801,951. Snowflake has a 52-week low of $107.13 and a 52-week high of $237.72. The firm has a fifty day moving average price of $128.62 and a 200-day moving average price of $128.42. The stock has a market capitalization of $61.79 billion, a price-to-earnings ratio of -51.92 and a beta of 1.03. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.58 and a current ratio of 1.88.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SNOW. Stifel Nicolaus dropped their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a report on Monday, August 19th. KeyCorp raised their target price on shares of Snowflake from $150.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and raised their price objective for the stock from $119.00 to $121.00 in a report on Friday, August 23rd. Mizuho lifted their target price on shares of Snowflake from $165.00 to $195.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Finally, StockNews.com lowered Snowflake from a “hold” rating to a “sell” rating in a research report on Thursday, November 28th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $181.09.

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.