Key Points
- Snowflake director Mark Garrett sold 100,000 shares on May 29 at an average price of $250 each, for a total of $25 million. The sale reduced his direct holdings by about 91.9%, leaving him with 8,801 shares.
- SNOW shares were trading sharply higher, opening at $281.14 and up 10% in the article, near their 52-week high of $284.99. The stock has surged well above its 50-day and 200-day moving averages.
- Snowflake’s latest earnings beat expectations, with quarterly EPS of $0.39 versus $0.32 expected and revenue of $1.39 billion, up 33.5% year over year. Analysts have also been raising price targets, with several firms moving their targets to $300.
Snowflake Inc. (NYSE:SNOW - Get Free Report) Director Mark Garrett sold 100,000 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the transaction, the director directly owned 8,801 shares in the company, valued at $2,200,250. The trade was a 91.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Snowflake Trading Up 10.0%
Shares of NYSE:SNOW opened at $281.14 on Tuesday. The stock has a market capitalization of $97.19 billion, a price-to-earnings ratio of -79.87 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.30 and a current ratio of 1.30. The stock's 50-day simple moving average is $158.80 and its two-hundred day simple moving average is $190.47. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99.
Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative return on equity of 49.29% and a negative net margin of 23.79%.The business had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.32 billion. During the same period last year, the firm posted $0.24 earnings per share. The business's revenue for the quarter was up 33.5% on a year-over-year basis. Analysts expect that Snowflake Inc. will post -2.2 EPS for the current year.
Trending Headlines about Snowflake
Here are the key news stories impacting Snowflake this week:
Institutional Trading of Snowflake
Large investors have recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. bought a new stake in Snowflake in the 4th quarter worth approximately $28,000. Greenline Wealth Management LLC bought a new stake in Snowflake in the 4th quarter worth approximately $29,000. GoalVest Advisory LLC increased its stake in Snowflake by 221.4% in the 4th quarter. GoalVest Advisory LLC now owns 135 shares of the company's stock worth $30,000 after acquiring an additional 93 shares during the last quarter. Physician Wealth Advisors Inc. increased its stake in Snowflake by 56.0% in the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after acquiring an additional 51 shares during the last quarter. Finally, MV Capital Management Inc. bought a new stake in Snowflake in the 4th quarter worth approximately $32,000. Institutional investors own 65.10% of the company's stock.
Analysts Set New Price Targets
Several research firms have recently commented on SNOW. TD Cowen raised their price objective on Snowflake from $255.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Wells Fargo & Company raised their price objective on Snowflake from $210.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday. Bank of America raised their price objective on Snowflake from $205.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Wedbush raised their price objective on Snowflake from $270.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Zacks Research raised Snowflake from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $284.38.
Read Our Latest Analysis on Snowflake
Snowflake Company Profile
(
Get Free Report)
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.
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