Snowflake Target of Unusually High Options Trading (NYSE:SNOW)

Snowflake Inc. (NYSE:SNOW) was the recipient of some unusual options trading activity on Wednesday. Investors purchased 112,578 call options on the company. This is an increase of approximately 26% compared to the average daily volume of 89,033 call options.

Snowflake Trading Up 4.8 %

Shares of NYSE:SNOW traded up $8.39 on Wednesday, hitting $184.33. 8,179,701 shares of the company’s stock were exchanged, compared to its average volume of 6,801,951. The business’s 50 day simple moving average is $128.62 and its two-hundred day simple moving average is $128.42. The stock has a market capitalization of $61.79 billion, a price-to-earnings ratio of -51.92 and a beta of 1.03. Snowflake has a 12 month low of $107.13 and a 12 month high of $237.72. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.58.

Wall Street Analysts Forecast Growth

SNOW has been the subject of several research reports. Mizuho lifted their price objective on Snowflake from $165.00 to $195.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Oppenheimer reaffirmed an “outperform” rating and issued a $180.00 target price on shares of Snowflake in a research report on Thursday, November 21st. Citigroup decreased their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a research report on Monday, November 18th. Jefferies Financial Group increased their target price on shares of Snowflake from $145.00 to $180.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Finally, Monness Crespi & Hardt boosted their price target on shares of Snowflake from $140.00 to $188.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $181.09.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the transaction, the director now owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This trade represents a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the transaction, the insider now directly owns 53,250 shares in the company, valued at $5,932,582.50. The trade was a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 264,278 shares of company stock valued at $42,512,248. 7.80% of the stock is owned by company insiders.

Institutional Trading of Snowflake

Hedge funds have recently added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Snowflake by 0.8% in the 3rd quarter. State Street Corp now owns 6,867,097 shares of the company’s stock worth $788,755,000 after acquiring an additional 54,909 shares during the last quarter. Geode Capital Management LLC raised its stake in Snowflake by 3.5% in the third quarter. Geode Capital Management LLC now owns 4,152,146 shares of the company’s stock valued at $475,894,000 after buying an additional 138,663 shares in the last quarter. Two Sigma Advisers LP boosted its stake in Snowflake by 27.9% in the third quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock valued at $464,402,000 after acquiring an additional 881,700 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its stake in Snowflake by 19,399.2% during 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. Finally, Legal & General Group Plc lifted its stake in shares of Snowflake by 11.5% in the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after acquiring an additional 223,936 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

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.