Snowflake (NYSE:SNOW) Shares Gap Down Following Insider Selling

Snowflake Inc. (NYSE:SNOW - Get Free Report)'s share price gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $177.31, but opened at $167.26. Snowflake shares last traded at $169.34, with a volume of 1,172,998 shares traded.

Specifically, EVP Christian Kleinerman sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the completion of the transaction, the executive vice president now directly owns 594,975 shares in the company, valued at $102,186,956.25. This represents a 2.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

SNOW has been the subject of a number of research reports. Barclays increased their price target on Snowflake from $190.00 to $203.00 and gave the company an "overweight" rating in a research note on Thursday, February 27th. Loop Capital lifted their target price on shares of Snowflake from $205.00 to $215.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. Scotiabank upped their price target on shares of Snowflake from $170.00 to $220.00 and gave the company a "sector outperform" rating in a research report on Monday, December 9th. Wells Fargo & Company lifted their price target on shares of Snowflake from $210.00 to $215.00 and gave the stock an "overweight" rating in a report on Thursday, February 27th. Finally, Needham & Company LLC raised their target price on Snowflake from $200.00 to $215.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $202.92.

Snowflake Stock Down 7.3 %

The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $48.65 billion, a P/E ratio of -43.47 and a beta of 1.07. The stock's fifty day moving average is $173.79 and its 200 day moving average is $147.09.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Snowflake in the 4th quarter worth $988,950,000. GQG Partners LLC bought a new position in shares of Snowflake during the 4th quarter valued at approximately $750,572,000. Jennison Associates LLC grew its position in shares of Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock worth $1,179,230,000 after purchasing an additional 3,662,671 shares in the last quarter. FMR LLC boosted its position in shares of Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after acquiring an additional 2,805,425 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board increased its stake in Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company's stock worth $295,459,000 after acquiring an additional 2,559,144 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

About Snowflake

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.