Private Advisor Group LLC Lowers Stock Position in Snowflake Inc. $SNOW

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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Snowflake in the fourth quarter valued at approximately $974,091,000. Jennison Associates LLC grew its stake in shares of Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares during the period. Coatue Management LLC acquired a new position in shares of Snowflake during the 3rd quarter worth $441,277,000. Jericho Capital Asset Management L.P. purchased a new position in shares of Snowflake in the 4th quarter valued at about $345,619,000. Finally, Vanguard Group Inc. increased its holdings in shares of Snowflake by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after purchasing an additional 1,448,094 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Price Performance

Shares of NYSE SNOW opened at $261.56 on Friday. The stock has a market cap of $90.66 billion, a price-to-earnings ratio of -74.31 and a beta of 1.35. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99. The company’s 50-day moving average price is $214.78 and its 200 day moving average price is $191.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the business posted $0.24 earnings per share. The firm’s quarterly revenue was up 33.5% compared to the same quarter last year. As a group, research analysts forecast that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $258.56, for a total transaction of $646,400.00. Following the completion of the transaction, the executive vice president directly owned 397,879 shares of the company’s stock, valued at $102,875,594.24. This trade represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Emily Ho sold 1,860 shares of Snowflake stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $232.25, for a total value of $431,985.00. Following the transaction, the chief accounting officer owned 41,283 shares of the company’s stock, valued at $9,587,976.75. This represents a 4.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,802,015 shares of company stock valued at $421,739,629. Corporate insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SNOW. Stifel Nicolaus raised their price objective on shares of Snowflake from $205.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Barclays upped 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. Evercore set a $200.00 price target on Snowflake in a research note on Tuesday, April 14th. Royal Bank Of Canada upped their price target on Snowflake from $220.00 to $284.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. Finally, Wells Fargo & Company raised their price objective on Snowflake from $210.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and an average target price of $293.53.

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.