Atalanta Sosnoff Capital LLC Reduces Holdings in Snowflake Inc. $SNOW

Atalanta Sosnoff Capital LLC decreased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 98.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,515 shares of the company’s stock after selling 106,889 shares during the period. Atalanta Sosnoff Capital LLC’s holdings in Snowflake were worth $332,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. GoalVest Advisory LLC grew its stake in shares of Snowflake by 221.4% during the fourth quarter. GoalVest Advisory LLC now owns 135 shares of the company’s stock worth $30,000 after acquiring an additional 93 shares during the last quarter. Physician Wealth Advisors Inc. lifted its holdings in shares of Snowflake by 56.0% during the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock worth $31,000 after purchasing an additional 51 shares during the period. HHM Wealth Advisors LLC lifted its holdings in shares of Snowflake by 50.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company’s stock worth $33,000 after purchasing an additional 50 shares during the period. Ameriflex Group Inc. lifted its holdings in shares of Snowflake by 252.2% during the third quarter. Ameriflex Group Inc. now owns 162 shares of the company’s stock worth $37,000 after purchasing an additional 116 shares during the period. Finally, JPL Wealth Management LLC acquired a new stake in shares of Snowflake during the third quarter worth about $39,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SNOW shares. Canaccord Genuity Group lifted their target price on Snowflake from $240.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. UBS Group set a $320.00 target price on Snowflake in a report on Wednesday, June 3rd. BTIG Research lifted their target price on Snowflake from $280.00 to $325.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Royal Bank Of Canada lifted their target price on Snowflake from $220.00 to $284.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. Finally, Benchmark lifted their target price on Snowflake from $200.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $291.77.

Snowflake Stock Down 3.3%

Shares of NYSE:SNOW opened at $232.38 on Friday. 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 moving average of $173.64 and a two-hundred day moving average of $190.21. The stock has a market cap of $80.54 billion, a P/E ratio of -66.02 and a beta of 1.35. 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 (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.07. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The firm’s quarterly revenue was up 33.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. On average, research analysts expect that Snowflake Inc. will post -1.87 earnings per share for the current year.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 437,076 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the transaction, the director owned 8,801 shares of the company’s stock, valued at approximately $2,200,250. This represents a 91.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,589,550 shares of company stock worth $359,438,410. 4.80% of the stock is currently owned by company insiders.

Snowflake Company 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.