Snowflake Inc. (NYSE:SNOW) Short Interest Update

Snowflake Inc. (NYSE:SNOW) was the target of a large decline in short interest in December. As of December 31st, there was short interest totalling 10,220,000 shares, a decline 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 days-to-cover ratio is presently 1.6 days.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the sale, the executive vice president now owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. The trade was a 2.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 45,896 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $176.06, for a total value of $8,080,449.76. Following the sale, the director now directly owns 208,735 shares of the company’s stock, valued at $36,749,884.10. The trade was a 18.02 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 376,904 shares of company stock valued at $62,545,855. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snowflake

Several hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in Snowflake by 26.3% in the second quarter. Dimensional Fund Advisors LP now owns 268,985 shares of the company’s stock valued at $36,332,000 after buying an additional 56,027 shares during the period. Andar Capital Management HK Ltd acquired a new position in Snowflake in the second quarter valued at about $1,891,000. Meiji Yasuda Asset Management Co Ltd. lifted its stake in Snowflake by 3.2% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,865 shares of the company’s stock valued at $792,000 after buying an additional 180 shares during the period. Amalgamated Bank lifted its stake in Snowflake by 1.1% in the second quarter. Amalgamated Bank now owns 21,368 shares of the company’s stock valued at $2,887,000 after buying an additional 241 shares during the period. Finally, Elkhorn Partners Limited Partnership lifted its stake in Snowflake by 228.6% in the second quarter. Elkhorn Partners Limited Partnership now owns 4,600 shares of the company’s stock valued at $621,000 after buying an additional 3,200 shares during the period. Institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

Snowflake stock opened at $167.90 on Friday. The business’s 50-day simple moving average is $160.11 and its 200 day simple moving average is $134.83. The stock has a market cap of $55.43 billion, a price-to-earnings ratio of -49.53 and a beta of 1.05. Snowflake has a 12-month low of $107.13 and a 12-month high of $237.72. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Argus assumed coverage on Snowflake in a report on Tuesday, October 1st. They set a “hold” rating for the company. Wells Fargo & Company upgraded Snowflake from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $150.00 to $200.00 in a report on Tuesday, January 7th. Wedbush lowered Snowflake from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Evercore ISI upped their target price on Snowflake from $170.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. Finally, Cantor Fitzgerald started coverage on Snowflake in a research note on Friday. They issued an “overweight” rating and a $201.00 target price for the company. Two analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target 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.