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 $240,487 were sold by Slootman Frank on Mar 09. At $141.38 per share, Slootman Frank sold 1,701 shares. The insider’s holdings dropped to 130,241 shares worth approximately $18.18 million following the completion of this transaction.
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Also, Dageville Benoit sold 692 shares, netting a total of over 97,835 in proceeds. Following the sale of shares at $141.38 each, the insider now holds 13,296 shares.
Before that, Dageville Benoit had sold 57,564 shares from its account. In a trade valued at $8,066,443, the President of Products traded Snowflake Inc. shares for $140.13 each. Upon closing the transaction, the insider’s holdings decreased to 57,564 shares, worth approximately $2.01 million.
As published in their initiating research note from Wells Fargo on January 06, 2023, Snowflake Inc. [SNOW] has been an Overweight and the price target has been revised to $170. This represents a 17.89% premium over Wednesday’s closing price. Analysts at Wedbush started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid December. As of November 02, 2022, Macquarie has initiated its “Neutral” rating for SNOW. Earlier on October 11, 2022, Bernstein initiated its rating. Their recommendation was “a Mkt perform” for SNOW stock.
Analyzing SNOW Stock Performance
On Wednesday, Snowflake Inc. [NYSE: SNOW] plunged -0.17% to $139.58. The stock’s lowest price that day was $135.30, but it reached a high of $140.17 in the same session. During the last five days, there has been a drop of approximately -2.15%. Over the course of the year, Snowflake Inc. shares have dropped approximately -2.76%. Shares of the company reached a 52-week high of $178.70 on 02/02/23 and a 52-week low of $119.27 on 01/06/23. A 50-day SMA is recorded $148.44, while a 200-day SMA reached $153.17. Nevertheless, trading volume fell to 3.86 million shares from 7.59 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 136.53, which, if violated, would cause prices to drop to 133.48. In the upper region, resistance lies at 141.40. The next price resistance is at 143.22. RSI (Relative Strength Index) is 43.96 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.92, which suggests the price will decrease in the coming days. Percent R is at 60.77%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Snowflake Inc. subject to short interest?
Stocks of Snowflake Inc. saw a sharp rise in short interest on Jan 30, 2023 jumping by 3.65 million shares to 15.01 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 11.36 million shares. A jump of 24.32% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.71 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.71.
Which companies own the most shares of Snowflake Inc. (SNOW)?
According to The Vanguard Group, Inc. filings, the company currently owns 17,097,565 shares, which is about 5.32% of the total SNOW shares outstanding. The investor’s shares have appreciated by 402,528 from its previous 13-F filing of 16695037.0 shares. With the completion of the sale transaction, Altimeter Capital Management LP’s stake is now worth $2,372,737,080. Morgan Stanley Investment Managem reduced a -6.32% interest valued at $1.97 billion while Iconiq Capital LLC sold a -3,000,591 stake. A total of 2,580,773 shares of Snowflake Inc. were sold by BlackRock Fund Advisors during the quarter, and 312,237 were bought by Capital Research & Management Co. In its current portfolio, Jennison Associates LLC holds 6,204,851 shares valued at $957.9 million.
In terms of Snowflake Inc. share price expectations, FactSet research, analysts set an average price target of $179.05 in the next 12 months, up nearly 28.74% from the previous closing price of $139.82. Analysts anticipate Snowflake Inc. stock to reach $500.00 by 2023, with the lowest price target being $50.00. In spite of this, 45 analysts ranked Snowflake Inc. stock as an Overweight at the end of 2023. On September 22, 2022, MoffettNathanson assigned a price target of “a Buy” to the stock and initiated coverage with a $242.