First Trust Advisors LP Reduces Holdings in Snowflake Inc. $SNOW

First Trust Advisors LP lowered its position in shares of Snowflake Inc. (NYSE:SNOW) by 13.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,052,771 shares of the company’s stock after selling 160,171 shares during the period. First Trust Advisors LP’s holdings in Snowflake were worth $158,779,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SNOW. Kemnay Advisory Services Inc. purchased a new position in Snowflake during the 4th quarter worth approximately $28,000. Greenline Wealth Management LLC purchased a new stake in Snowflake in the fourth quarter valued at approximately $29,000. Physician Wealth Advisors Inc. lifted its stake in Snowflake by 56.0% in the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock valued at $31,000 after buying an additional 51 shares during the last quarter. Emerald Advisers LLC boosted its holdings in shares of Snowflake by 95.2% in the first quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock valued at $31,000 after acquiring an additional 100 shares during the period. Finally, MV Capital Management Inc. acquired a new stake in shares of Snowflake in the fourth quarter valued at approximately $32,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Barclays raised their target price on shares of Snowflake from $272.00 to $285.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 4th. Jefferies Financial Group increased their price target on shares of Snowflake from $300.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday. Citizens Jmp reissued a “market outperform” rating and set a $325.00 price objective on shares of Snowflake in a research report on Tuesday, May 19th. JPMorgan Chase & Co. lifted their price objective on shares of Snowflake from $245.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Finally, Benchmark upped their target price on shares of Snowflake from $200.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Thirty-four analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $296.27.

Insider Buying and Selling

In other news, CAO Emily Ho sold 1,860 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $232.25, for a total transaction of $431,985.00. Following the transaction, the chief accounting officer directly owned 41,283 shares in the company, valued at $9,587,976.75. The trade was a 4.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frank Slootman sold 99,900 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $251.73, for a total transaction of $25,147,827.00. Following the transaction, the director directly owned 28,535 shares of the company’s stock, valued at $7,183,115.55. This represents a 77.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 1,802,015 shares of company stock worth $421,739,629. 4.80% of the stock is currently owned by insiders.

Snowflake Price Performance

Snowflake stock opened at $268.32 on Thursday. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $284.99. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50 day simple moving average of $234.60 and a 200-day simple moving average of $194.52. The stock has a market capitalization of $93.00 billion, a PE ratio of -76.23 and a beta of 1.35.

Snowflake (NYSE:SNOW) last issued its quarterly 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 firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the company earned $0.24 earnings per share. The company’s revenue for the quarter was up 33.5% on a year-over-year basis. Equities analysts predict that Snowflake Inc. will post -1.84 earnings per share for the current year.

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.