Principal Financial Group Inc. Reduces Stock Position in Snowflake Inc. $SNOW

Principal Financial Group Inc. trimmed its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 82.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,669 shares of the company’s stock after selling 54,785 shares during the period. Principal Financial Group Inc.’s holdings in Snowflake were worth $2,632,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Snowflake by 2.2% during the second quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company’s stock worth $6,218,515,000 after purchasing an additional 595,553 shares during the last quarter. Jennison Associates LLC lifted its position in shares of Snowflake by 13.5% during the 3rd quarter. Jennison Associates LLC now owns 9,083,889 shares of the company’s stock worth $2,048,871,000 after buying an additional 1,083,222 shares during the last quarter. State Street Corp boosted its holdings in shares of Snowflake by 1.4% in the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company’s stock valued at $1,541,120,000 after buying an additional 94,293 shares in the last quarter. Artisan Partners Limited Partnership grew its position in shares of Snowflake by 15.2% in the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock valued at $1,108,045,000 after buying an additional 652,485 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Snowflake by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 4,424,120 shares of the company’s stock valued at $986,057,000 after buying an additional 133,059 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SNOW has been the subject of a number of research reports. UBS Group reissued a “buy” rating on shares of Snowflake in a research report on Thursday, December 4th. TD Cowen reissued a “buy” rating on shares of Snowflake in a report on Thursday, December 4th. Morgan Stanley restated an “overweight” rating and set a $299.00 price target on shares of Snowflake in a research note on Tuesday, January 27th. Piper Sandler reiterated an “overweight” rating and issued a $285.00 price objective on shares of Snowflake in a research note on Thursday, December 4th. Finally, Jefferies Financial Group set a $300.00 price objective on Snowflake in a report on Monday, November 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $274.68.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 200,000 shares of Snowflake stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $221.83, for a total value of $44,366,000.00. Following the sale, the director owned 50,329 shares of the company’s stock, valued at approximately $11,164,482.07. The trade was a 79.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $249.53, for a total value of $2,495,300.00. Following the transaction, the executive vice president owned 512,450 shares in the company, valued at $127,871,648.50. The trade was a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 613,681 shares of company stock valued at $130,573,518. Company insiders own 6.80% of the company’s stock.

Snowflake Price Performance

Shares of NYSE SNOW opened at $182.37 on Tuesday. The stock has a fifty day moving average price of $207.74 and a 200 day moving average price of $224.91. Snowflake Inc. has a 1-year low of $120.10 and a 1-year high of $280.67. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.37. The company has a market cap of $62.41 billion, a PE ratio of -45.14 and a beta of 1.14.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the firm earned $0.20 EPS. Snowflake’s quarterly revenue was up 28.7% on a year-over-year basis. Sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current 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.