Snowflake (NYSE:SNOW) Shares Gap Down Following Insider Selling

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s stock price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $265.00, but opened at $244.00. Snowflake shares last traded at $239.6040, with a volume of 8,370,956 shares traded.

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Specifically, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $249.53, for a total transaction of $2,495,300.00. Following the completion of the transaction, the executive vice president directly owned 512,450 shares of the company's stock, valued at $127,871,648.50. The trade was a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday. Scotiabank restated a "sector outperform" rating and issued a $290.00 price target on shares of Snowflake in a research note on Thursday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Snowflake in a research report on Wednesday, October 8th. Truist Financial increased their target price on Snowflake from $235.00 to $270.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Morgan Stanley restated an "overweight" rating and set a $299.00 price target (up from $272.00) on shares of Snowflake in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.08.

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Get Our Latest Stock Analysis on Snowflake

Snowflake Price Performance

The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market cap of $80.25 billion, a P/E ratio of -57.69 and a beta of 1.09. The firm's fifty day moving average is $250.99 and its two-hundred day moving average is $225.85.

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Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.04. The business had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.18 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The business's quarterly revenue was up 28.7% on a year-over-year basis. During the same period last year, the firm earned $0.20 earnings per share. As a group, analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. increased its holdings in shares of Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after buying an additional 650,775 shares during the last quarter. CenterBook Partners LP purchased a new position in Snowflake in the first quarter worth about $2,381,000. Berkshire Capital Holdings Inc. increased its stake in Snowflake by 71,500.0% during the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock worth $1,047,000 after acquiring an additional 7,150 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Snowflake during the second quarter worth approximately $6,845,000. Finally, Kingstone Capital Partners Texas LLC purchased a new stake in Snowflake during the second quarter valued at approximately $3,900,134,000. 65.10% of the stock is currently owned by institutional investors.

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.

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