Snowflake (NYSE:SNOW) Trading Up 0.9% – Here’s What Happened

11 Dec 2024, 16:14 by Scott Moore · The Cerbat Gem

Shares of Snowflake Inc. (NYSE:SNOW – Get Free Report) rose 0.9% during trading on Wednesday . The company traded as high as $174.10 and last traded at $173.04. Approximately 1,701,687 shares changed hands during trading, a decline of 75% from the average daily volume of 6,800,299 shares. The stock had previously closed at $171.55.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Citigroup lowered their price objective on Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research report on Monday, November 18th. UBS Group dropped their price objective on Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, September 24th. Argus began coverage on shares of Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating on the stock. DA Davidson reissued a “buy” rating and issued a $175.00 price target on shares of Snowflake in a research report on Thursday, October 3rd. Finally, Canaccord Genuity Group reduced their price objective on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $183.89.

Check Out Our Latest Analysis on Snowflake

Snowflake Price Performance

The company has a 50-day moving average of $135.44 and a two-hundred day moving average of $129.15. 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 has a market capitalization of $57.05 billion, a PE ratio of -51.04 and a beta of 1.03.

Insider Buying and Selling

In other news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the sale, the insider now owns 53,820 shares in the company, valued at approximately $6,156,469.80. The trade was a 3.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $180.00, for a total transaction of $2,700,000.00. Following the completion of the transaction, the executive vice president now owns 691,755 shares in the company, valued at $124,515,900. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 292,114 shares of company stock valued at $47,587,279. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SNOW. LRI Investments LLC boosted its holdings in Snowflake by 155.6% in the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after acquiring an additional 112 shares during the period. Groupama Asset Managment acquired a new stake in Snowflake during the 3rd quarter valued at $25,000. Wellington Shields Capital Management LLC purchased a new stake in Snowflake during the 2nd quarter worth $27,000. V Square Quantitative Management LLC acquired a new position in Snowflake in the 3rd quarter worth $30,000. Finally, Fortitude Family Office LLC purchased a new position in Snowflake in the 3rd quarter valued at about $34,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Company Profile

(Get Free Report)