Snowflake (NYSE:SNOW) Sees Strong Trading Volume

Snowflake Inc. (NYSE:SNOWGet Free Report) shares saw unusually-strong trading volume on Wednesday . Approximately 7,226,145 shares changed hands during mid-day trading, an increase of 15% from the previous session’s volume of 6,280,789 shares.The stock last traded at $130.59 and had previously closed at $137.00.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SNOW shares. Robert W. Baird decreased their price target on Snowflake from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. Oppenheimer reaffirmed an “outperform” rating and issued a $220.00 price objective on shares of Snowflake in a research report on Thursday, May 23rd. StockNews.com downgraded shares of Snowflake from a “hold” rating to a “sell” rating in a research note on Friday, May 24th. Barclays boosted their price objective on shares of Snowflake from $188.00 to $191.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 23rd. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $235.00 price target on shares of Snowflake in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.92.

Read Our Latest Analysis on SNOW

Snowflake Stock Performance

The company has a 50 day moving average price of $154.95 and a 200 day moving average price of $179.61. The company has a market capitalization of $44.50 billion, a price-to-earnings ratio of -46.64 and a beta of 0.85.

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 689 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $161.42, for a total transaction of $111,218.38. Following the completion of the sale, the insider now owns 70,665 shares in the company, valued at approximately $11,406,744.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Emily Ho sold 6,500 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $158.36, for a total value of $1,029,340.00. Following the transaction, the chief accounting officer now directly owns 36,076 shares in the company, valued at $5,712,995.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 689 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $111,218.38. Following the completion of the transaction, the insider now directly owns 70,665 shares in the company, valued at approximately $11,406,744.30. The disclosure for this sale can be found here. Insiders have sold 68,880 shares of company stock valued at $10,832,965 in the last three months. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snowflake

A number of hedge funds have recently made changes to their positions in the business. Cigna Investments Inc. New increased its stake in Snowflake by 1.6% in the 4th quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock worth $656,000 after purchasing an additional 51 shares during the period. E&G Advisors LP boosted its stake in shares of Snowflake by 3.0% during the 4th quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock valued at $352,000 after purchasing an additional 51 shares in the last quarter. Commerce Bank boosted its position in Snowflake by 0.8% during the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock valued at $1,221,000 after acquiring an additional 51 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in Snowflake by 34.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after purchasing an additional 52 shares during the period. Finally, Valley National Advisers Inc. increased its stake in shares of Snowflake by 18.1% in the 4th quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock worth $68,000 after acquiring an additional 53 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

About Snowflake

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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.

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