Saturday, June 25, 2022

Selling Buzz: Snowflake Inc. [SNOW] CEO and Chairman Slootman Frank sells 1,727 shares of the company

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Snowflake Inc. shares valued at $235,183 were sold by Slootman Frank on Jun 09. At $136.18 per share, Slootman Frank sold 1,727 shares. The insider’s holdings dropped to 138,551 shares worth approximately $17.65 million following the completion of this transaction.

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Also, Dageville Benoit sold 727 shares, netting a total of over 99,003 in proceeds. Following the sale of shares at $136.18 each, the insider now holds 16,620 shares.

Before that, Speiser Michael L had sold 750,000 shares from its account. In a trade valued at $166,635,037, the Director traded Snowflake Inc. shares for $222.18 each. Upon closing the transaction, the insider’s holdings decreased to 750,000 shares, worth approximately $261.86 million.

As published in a research note from Canaccord Genuity on June 15, 2022, Snowflake Inc. [SNOW] has been rated up from a Hold to a Buy and the price target has been revised to $185. This represents a 31.16% premium over Wednesday’s closing price. Analysts at Raymond James started covering the stock with ‘”an Outperform”‘ outlook in a report released in early June. As of May 24, 2022, Rosenblatt has increased its “Neutral” rating to a “Buy” for SNOW. Earlier on April 25, 2022, Wolfe Research initiated its rating. Their recommendation was “an Outperform” for SNOW stock.

Analyzing SNOW’s Price Performance

On Wednesday, Snowflake Inc. [NYSE: SNOW] rose 3.93% to $127.36. The stock’s lowest price that day was $120.13, but it reached a high of $129.98 in the same session. During the last five days, there has been a surge of approximately 11.85%. Over the course of the year, Snowflake Inc. shares have dropped approximately -62.40%. Shares of the company reached a 52-week high of $344.00 on 01/03/22 and a 52-week low of $110.26 on 06/14/22. A 50-day SMA is recorded $152.31, while a 200-day SMA reached $264.71. Nevertheless, trading volume fell to 5.98 million shares from 5.01 million shares the previous day.

Support And Resistance Levels for Snowflake Inc. (SNOW)

According to the 24-hour chart, there is a support level at 121.67, which, if violated, would cause prices to drop to 115.97. In the upper region, resistance lies at 131.52. The next price resistance is at 135.67. RSI (Relative Strength Index) is 45.99 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.05, which suggests the price will decrease in the coming days. Percent R is at 43.83%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Which companies own the most shares of Snowflake Inc. (SNOW)?

According to Iconiq Capital LLC filings, the company currently owns 24,427,632 shares, which is about 7.77% of the total SNOW shares outstanding. The investor’s shares have plunged by -675,021 from its previous 13-F filing of 25102653.0 shares. With the completion of the buy, Altimeter Capital Management LP’s stake is now worth $2,175,385,259. The Vanguard Group, Inc. reduced a -1.47% interest valued at $1.91 billion while Morgan Stanley Investment Managem sold a -626,057 stake. A total of 4,367,180 shares of Snowflake Inc. were sold by T. Rowe Price Associates, Inc. during the quarter, and 381,589 were bought by BlackRock Fund Advisors. In its current portfolio, Capital Research & Management Co holds 7,122,568 shares valued at $909.2 million.

In terms of Snowflake Inc. share price expectations, FactSet research, analysts set an average price target of $192.05 in the next 12 months, up nearly 42.81% from the previous closing price of $122.54. Analysts anticipate Snowflake Inc. stock to reach $530.00 by 2022, with the lowest price target being $110.00. In spite of this, 33 analysts ranked Snowflake Inc. stock as an Overweight at the end of 2022. On April 01, 2022, SMBC Nikko assigned a price target of “a Neutral” to the stock and initiated coverage with a $253.

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