Snowflake (NYSE:SNOW) Trading Down 0.9% After Insider Selling

Snowflake Inc. (NYSE:SNOW)’s stock price fell 0.9% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $160.65 and last traded at $161.12. 1,563,819 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 6,763,973 shares. The stock had previously closed at $162.59.

Specifically, EVP Christian Kleinerman sold 3,029 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $171.00, for a total value of $517,959.00. Following the transaction, the executive vice president now directly owns 684,639 shares of the company’s stock, valued at approximately $117,073,269. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 6,714 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $171.00, for a total value of $1,148,094.00. Following the transaction, the director now owns 196,454 shares in the company, valued at approximately $33,593,634. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SNOW shares. Citigroup decreased their price objective on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a report on Monday, November 18th. Argus assumed coverage on Snowflake in a research note on Tuesday, October 1st. They issued a “hold” rating on the stock. JMP Securities restated a “market outperform” rating and set a $190.00 target price on shares of Snowflake in a research note on Tuesday, December 3rd. Hsbc Global Res raised Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average target price of $184.46.

Snowflake Trading Down 0.5 %

The company has a market capitalization of $53.43 billion, a price-to-earnings ratio of -47.74 and a beta of 1.03. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The company’s fifty day simple moving average is $142.12 and its two-hundred day simple moving average is $130.22.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oddo BHF Asset Management Sas acquired a new position in Snowflake in the 3rd quarter worth $12,145,000. Garde Capital Inc. lifted its holdings in shares of Snowflake by 9.5% in the third quarter. Garde Capital Inc. now owns 6,050 shares of the company’s stock valued at $695,000 after purchasing an additional 526 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Snowflake by 1.4% during the third quarter. Franklin Resources Inc. now owns 536,588 shares of the company’s stock worth $66,086,000 after buying an additional 7,373 shares during the period. Synovus Financial Corp grew its holdings in shares of Snowflake by 28.6% during the third quarter. Synovus Financial Corp now owns 6,077 shares of the company’s stock worth $698,000 after buying an additional 1,352 shares in the last quarter. Finally, Blankinship & Foster LLC bought a new stake in Snowflake in the 3rd quarter valued at approximately $896,000. 65.10% of the stock is owned by institutional investors and hedge funds.

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.