Snowflake Inc., a cloud-based data platform provider, experienced a slight drop in its share price on Thursday, following insider selling activity. The stock traded as low as $111.35 and closed at $111.84, representing a 0.1% decrease. The trading volume was significantly lower than the average daily volume, with approximately 716,454 shares changing hands, a decline of 89%.
The insider selling activity involved two executives of Snowflake Inc. EVP Christian Kleinerman sold 558 shares on September 10th at an average price of $109.96, resulting in a total transaction value of $61,357.68. Following the sale, Kleinerman now holds 759,473 shares in the company, valued at $83,511,651.08. Director Frank Slootman also sold 1,606 shares on the same day at an average price of $109.96, with a total value of $176,595.76. Slootman currently owns 218,246 shares, valued at $23,998,330.16.
These insider transactions were disclosed in documents filed with the Securities & Exchange Commission. More information can be found on the SEC website.
Several research analysts have issued reports on Snowflake Inc. Loop Capital lowered their price target to $185.00 and maintained a “buy” rating, while Barclays reduced their price target to $146.00 and assigned an “equal weight” rating. TD Cowen decreased their price target to $180.00 and maintained a “buy” rating, and Jefferies Financial Group dropped their price objective to $145.00, also maintaining a “buy” rating. Stifel Nicolaus decreased their target price to $168.00 and maintained a “buy” rating. Overall, the company currently has an average rating of “Moderate Buy” and a consensus target price of $176.03, according to data from MarketBeat.
Snowflake Inc. has a market capitalization of $38.06 billion, a P/E ratio of -40.60, and a beta of 0.83. The stock’s 50-day simple moving average is $123.48, and its two-hundred day simple moving average is $142.73. In its latest quarterly earnings report released on August 21st, Snowflake Inc. reported earnings per share of $0.18, surpassing the consensus estimate of $0.16. The company generated revenue of $868.80 million, exceeding the consensus estimate of $851.72 million. Snowflake’s revenue for the quarter increased by 28.9% year-over-year.
Institutional investors have made changes to their positions in Snowflake Inc. AGF Management Ltd. purchased a new stake in the company, while Dimensional Fund Advisors LP raised its position by 5.6%. Principal Financial Group Inc. and Avantax Advisory Services Inc. also increased their stakes, and Janney Montgomery Scott LLC raised its position by 26.5%. Currently, 65.10% of the stock is owned by institutional investors.