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

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Hsbc Global Res upgraded Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. Deutsche Bank Aktiengesellschaft boosted their price objective on Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Truist Financial reaffirmed a “buy” rating and issued a $210.00 target price on shares of Snowflake in a research report on Thursday, November 21st. Monness Crespi & Hardt lifted their price target on shares of Snowflake from $140.00 to $188.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Finally, Jefferies Financial Group increased their price objective on shares of Snowflake from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Monday. Two 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 company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $184.46.

Snowflake Stock Performance

The firm has a market capitalization of $54.41 billion, a P/E ratio of -48.62 and a beta of 1.03. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The stock’s 50 day moving average is $141.26 and its two-hundred day moving average is $130.00.

Insider Activity

In related news, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $179.00, for a total transaction of $99,882.00. Following the completion of the transaction, the executive vice president now owns 690,647 shares in the company, valued at approximately $123,625,813. The trade was a 0.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Christopher William Degnan sold 76,692 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the completion of the sale, the executive now owns 346,741 shares in the company, valued at approximately $58,398,119.22. This trade represents a 18.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 283,158 shares of company stock valued at $46,709,467 in the last 90 days. 7.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in shares of Snowflake by 103.9% in the 2nd quarter. Blue Trust Inc. now owns 524 shares of the company’s stock valued at $71,000 after purchasing an additional 267 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Snowflake by 17.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 127,790 shares of the company’s stock valued at $17,263,000 after buying an additional 19,324 shares during the period. Fifth Third Bancorp increased its position in shares of Snowflake by 9.3% during the second quarter. Fifth Third Bancorp now owns 3,336 shares of the company’s stock worth $451,000 after acquiring an additional 285 shares in the last quarter. PSI Advisors LLC raised its holdings in shares of Snowflake by 87.3% during the second quarter. PSI Advisors LLC now owns 429 shares of the company’s stock worth $58,000 after acquiring an additional 200 shares during the period. Finally, Boothe Investment Group Inc. acquired a new position in Snowflake in the 2nd quarter worth $3,691,000. 65.10% of the stock is owned by institutional investors and hedge funds.

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.