Snowflake Inc. (NYSE:SNOW) Sees Significant Drop in Short Interest

Snowflake Inc. (NYSE:SNOW - Get Free Report) was the target of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 10,220,000 shares, a decrease of 18.4% from the December 15th total of 12,530,000 shares. Based on an average daily trading volume, of 6,460,000 shares, the short-interest ratio is presently 1.6 days.

Snowflake Stock Performance

NYSE:SNOW traded up $3.93 during trading hours on Friday, reaching $171.57. The company had a trading volume of 3,425,571 shares, compared to its average volume of 4,926,173. The business's 50 day moving average price is $160.11 and its 200-day moving average price is $134.83. Snowflake has a 1-year low of $107.13 and a 1-year high of $237.72. The firm has a market cap of $56.63 billion, a PE ratio of -50.63 and a beta of 1.05. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Insider Buying and Selling at Snowflake

In other news, CAO Emily Ho sold 2,021 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $173.68, for a total value of $351,007.28. Following the completion of the transaction, the chief accounting officer now owns 26,874 shares in the company, valued at $4,667,476.32. This trade represents a 6.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the business's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the sale, the executive vice president now owns 706,755 shares in the company, valued at approximately $85,354,801.35. This trade represents a 2.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 376,904 shares of company stock valued at $62,545,855 in the last quarter. Company insiders own 7.80% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SNOW. Ontario Teachers Pension Plan Board raised its holdings in Snowflake by 19,399.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company's stock worth $295,459,000 after purchasing an additional 2,559,144 shares during the period. Two Sigma Advisers LP lifted its position in shares of Snowflake by 27.9% during the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company's stock valued at $464,402,000 after buying an additional 881,700 shares in the last quarter. AQR Capital Management LLC grew its stake in Snowflake by 210.0% in the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company's stock valued at $131,656,000 after acquiring an additional 660,168 shares during the period. SG Americas Securities LLC increased its holdings in Snowflake by 471.9% in the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company's stock worth $87,489,000 after acquiring an additional 628,511 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in Snowflake by 12,318.3% during the third quarter. International Assets Investment Management LLC now owns 530,883 shares of the company's stock worth $60,977,000 after acquiring an additional 526,608 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Bank of America lifted their target price on shares of Snowflake from $160.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday, November 21st. Royal Bank of Canada boosted their price objective on shares of Snowflake from $175.00 to $188.00 and gave the stock an "outperform" rating in a report on Thursday, November 21st. Jefferies Financial Group lifted their target price on Snowflake from $180.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, December 16th. JMP Securities restated a "market outperform" rating and issued a $190.00 price target on shares of Snowflake in a research note on Tuesday, December 3rd. Finally, Needham & Company LLC increased their price objective on Snowflake from $160.00 to $200.00 and gave the company a "buy" rating in a research report on Thursday, November 21st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-nine have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $188.06.

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.