Snowflake (NYSE:SNOW) Shares Down 0.8% – Here’s Why

Snowflake Inc. (NYSE:SNOW)’s share price traded down 0.8% during mid-day trading on Wednesday . The company traded as low as $167.73 and last traded at $169.47. 813,580 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 6,768,954 shares. The stock had previously closed at $170.81.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. StockNews.com cut Snowflake from a “hold” rating to a “sell” rating in a research note on Thursday, November 28th. UBS Group cut their price objective on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $180.00 target price on shares of Snowflake in a research report on Tuesday, November 19th. Scotiabank boosted their price target on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research report on Monday, December 9th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $184.46.

Snowflake Stock Performance

The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market cap of $54.41 billion, a P/E ratio of -48.62 and a beta of 1.03. The stock’s fifty day moving average price is $141.26 and its two-hundred day moving average price is $130.00.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 861 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $95,924.01. Following the sale, the executive vice president now directly owns 751,755 shares in the company, valued at approximately $83,753,024.55. This trade represents a 0.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Christopher William Degnan sold 76,692 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the completion of the transaction, the executive now directly owns 346,741 shares of the company’s stock, valued at approximately $58,398,119.22. The trade was a 18.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 283,158 shares of company stock valued at $46,709,467. 7.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Snowflake

Several institutional investors have recently modified their holdings of SNOW. LRI Investments LLC boosted its stake in shares of Snowflake by 155.6% in the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares during the last quarter. Groupama Asset Managment acquired a new position in Snowflake in the third quarter valued at $25,000. Wellington Shields Capital Management LLC bought a new stake in Snowflake during the second quarter valued at $27,000. V Square Quantitative Management LLC acquired a new stake in Snowflake during the 3rd quarter worth about $30,000. Finally, Fortitude Family Office LLC bought a new position in shares of Snowflake in the 3rd quarter worth about $34,000. 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, as well as applies artificial intelligence (AI) for solving business problems.