Snowflake Inc. (NYSE:SNOW) CFO Sells $48,963,000.00 in Stock

Snowflake Inc. (NYSE:SNOW - Get Free Report) CFO Michael Scarpelli sold 300,000 shares of Snowflake stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the transaction, the chief financial officer now directly owns 292,610 shares of the company's stock, valued at $47,756,878.10. This represents a 50.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Snowflake Trading Down 3.8 %

Shares of Snowflake stock traded down $5.70 on Monday, reaching $144.94. 2,571,536 shares of the company's stock were exchanged, compared to its average volume of 6,367,075. The firm's 50-day moving average is $171.99 and its two-hundred day moving average is $151.58. The company has a market capitalization of $47.84 billion, a P/E ratio of -42.80 and a beta of 1.07. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $194.40.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Snowflake during the 4th quarter worth about $988,950,000. GQG Partners LLC bought a new position in Snowflake in the fourth quarter worth approximately $750,572,000. Jennison Associates LLC grew its stake in Snowflake by 92.2% in the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock valued at $1,179,230,000 after acquiring an additional 3,662,671 shares during the period. FMR LLC increased its holdings in shares of Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock valued at $943,155,000 after acquiring an additional 2,805,425 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Snowflake by 124.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after purchasing an additional 2,200,406 shares during the period. 65.10% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Evercore ISI raised their target price on shares of Snowflake from $190.00 to $200.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Jefferies Financial Group decreased their price objective on shares of Snowflake from $220.00 to $190.00 and set a "buy" rating on the stock in a research note on Monday. Royal Bank of Canada upped their target price on Snowflake from $210.00 to $221.00 and gave the stock an "outperform" rating in a research note on Thursday, February 27th. Wolfe Research upgraded Snowflake from a "peer perform" rating to an "outperform" rating and set a $235.00 price target on the stock in a research note on Tuesday, February 18th. Finally, Citigroup upped their price objective on Snowflake from $225.00 to $230.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Nine equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $203.83.

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.