Private Advisor Group LLC Trims Holdings in Snowflake Inc. $SNOW

Private Advisor Group LLC reduced its position in shares of Snowflake Inc. (NYSE:SNOW) by 30.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,533 shares of the company’s stock after selling 5,394 shares during the period. Private Advisor Group LLC’s holdings in Snowflake were worth $1,890,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SNOW. Vanguard Group Inc. boosted its position in Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock worth $6,601,790,000 after acquiring an additional 1,448,094 shares during the last quarter. Jennison Associates LLC raised its holdings in Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after acquiring an additional 2,519,413 shares during the last quarter. Nuveen LLC raised its holdings in Snowflake by 2.3% in the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock valued at $1,157,749,000 after acquiring an additional 116,521 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Snowflake by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock worth $1,052,195,000 after purchasing an additional 249,668 shares during the period. Finally, Norges Bank purchased a new position in shares of Snowflake during the 4th quarter worth $974,091,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Down 2.2%

SNOW stock opened at $261.56 on Friday. The company has a market cap of $90.66 billion, a price-to-earnings ratio of -74.31 and a beta of 1.35. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The business has a fifty day simple moving average of $214.78 and a 200-day simple moving average of $191.99. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the company posted $0.24 EPS. The business’s quarterly revenue was up 33.5% on a year-over-year basis. On average, equities research analysts expect that Snowflake Inc. will post -1.84 EPS for the current year.

Insider Activity at Snowflake

In other news, Director Michael L. Speiser sold 840 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $257.91, for a total value of $216,644.40. Following the transaction, the director directly owned 26,876 shares in the company, valued at $6,931,589.16. This trade represents a 3.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 2,500 shares of Snowflake stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $258.56, for a total value of $646,400.00. Following the completion of the transaction, the executive vice president directly owned 397,879 shares in the company, valued at $102,875,594.24. This represents a 0.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,802,015 shares of company stock valued at $421,739,629 over the last three months. Insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

SNOW has been the subject of a number of recent analyst reports. DA Davidson lifted their price objective on Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Piper Sandler raised their price target on Snowflake from $295.00 to $320.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 3rd. Rosenblatt Securities raised their price target on Snowflake from $275.00 to $285.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Citigroup lifted their price target on Snowflake from $260.00 to $320.00 and gave the company a “buy” rating in a report on Friday, May 29th. Finally, Oppenheimer upped their price objective on shares of Snowflake from $250.00 to $295.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $293.53.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.