Wealthfront Advisers LLC Sells 7,074 Shares of Snowflake Inc. $SNOW

Wealthfront Advisers LLC lessened its holdings in Snowflake Inc. (NYSE:SNOW) by 30.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 16,394 shares of the company’s stock after selling 7,074 shares during the quarter. Wealthfront Advisers LLC’s holdings in Snowflake were worth $2,473,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. D.A. Davidson & CO. grew its stake in shares of Snowflake by 1.4% in the 1st quarter. D.A. Davidson & CO. now owns 66,984 shares of the company’s stock valued at $10,103,000 after purchasing an additional 921 shares during the period. Beaumont Financial Advisors LLC lifted its position in shares of Snowflake by 46.2% during the 1st quarter. Beaumont Financial Advisors LLC now owns 1,918 shares of the company’s stock worth $289,000 after buying an additional 606 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Snowflake by 76.9% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company’s stock worth $176,736,000 after buying an additional 509,230 shares during the period. NFSG Corp boosted its stake in Snowflake by 34.5% in the 1st quarter. NFSG Corp now owns 41,718 shares of the company’s stock valued at $6,292,000 after buying an additional 10,696 shares in the last quarter. Finally, Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group acquired a new stake in Snowflake in the 1st quarter valued at $5,882,000. Institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

SNOW has been the topic of a number of analyst reports. UBS Group reiterated a “buy” rating on shares of Snowflake in a research report on Monday, June 22nd. Wedbush boosted their target price on shares of Snowflake from $270.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. Mizuho upped their target price on shares of Snowflake from $220.00 to $295.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. Wells Fargo & Company upped their target price on shares of Snowflake from $210.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Finally, Morgan Stanley increased their target price on shares of Snowflake from $245.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Thirty-four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $296.27.

Insiders Place Their Bets

In related news, Director Mark Garrett sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the transaction, the director owned 8,801 shares in the company, valued at $2,200,250. The trade was a 91.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 437,076 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $252.43, for a total value of $110,331,094.68. Following the transaction, the director directly owned 38,046 shares in the company, valued at approximately $9,603,951.78. This represents a 91.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,802,015 shares of company stock valued at $421,739,629. Insiders own 4.80% of the company’s stock.

Snowflake Trading Up 2.2%

Shares of SNOW opened at $274.92 on Tuesday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $95.29 billion, a price-to-earnings ratio of -78.10 and a beta of 1.35. The stock has a fifty day moving average price of $229.90 and a two-hundred day moving average price of $193.81. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 27th. The company reported $0.39 EPS 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 company had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the business earned $0.24 earnings per share. The business’s revenue for the quarter was up 33.5% on a year-over-year basis. Analysts predict that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Snowflake Profile

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.