Snowflake (NYSE:SNOW) Shares Down 2.4% – What’s Next?

Snowflake Inc. (NYSE:SNOW) shares were down 2.4% during trading on Monday . The stock traded as low as $173.71 and last traded at $174.3540. Approximately 3,795,586 shares traded hands during trading, a decline of 40% from the average daily volume of 6,295,188 shares. The stock had previously closed at $178.66.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Raymond James Financial reiterated an “outperform” rating on shares of Snowflake in a research report on Monday, February 2nd. Canaccord Genuity Group cut their price objective on Snowflake from $270.00 to $240.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a report on Wednesday, February 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Snowflake in a research report on Wednesday, January 21st. Finally, Jefferies Financial Group set a $300.00 price target on shares of Snowflake in a report on Monday, November 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $248.58.

Snowflake Stock Down 2.4%

The firm has a market cap of $59.66 billion, a price-to-earnings ratio of -44.14 and a beta of 1.17. The firm has a 50 day moving average of $189.67 and a 200 day moving average of $221.52. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.07.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. Snowflake had a negative return on equity of 48.50% and a negative net margin of 28.43%.The company’s revenue was up 30.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 earnings per share. As a group, sell-side analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $175.19, for a total transaction of $70,601.57. Following the transaction, the director owned 23,315 shares in the company, valued at $4,084,554.85. The trade was a 1.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christian Kleinerman sold 550 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $182.44, for a total transaction of $100,342.00. Following the transaction, the executive vice president directly owned 501,835 shares in the company, valued at approximately $91,554,777.40. This represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 713,732 shares of company stock worth $144,510,676 in the last quarter. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of Snowflake

Several large investors have recently made changes to their positions in the company. Grey Fox Wealth Advisors LLC acquired a new stake in Snowflake in the third quarter valued at approximately $25,000. Tripletail Wealth Management LLC acquired a new position in shares of Snowflake during the third quarter worth approximately $28,000. Kemnay Advisory Services Inc. bought a new position in shares of Snowflake in the 4th quarter worth $28,000. Greenline Wealth Management LLC bought a new position in shares of Snowflake in the 4th quarter worth $29,000. Finally, SJS Investment Consulting Inc. grew its position in Snowflake by 4,333.3% in the 3rd quarter. SJS Investment Consulting Inc. now owns 133 shares of the company’s stock valued at $30,000 after purchasing an additional 130 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.