Sanibel Captiva Trust Company Inc. Decreases Stock Position in Snowflake Inc. (NYSE:SNOW)

Sanibel Captiva Trust Company Inc. lessened its position in Snowflake Inc. (NYSE:SNOW) by 6.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,346 shares of the company’s stock after selling 347 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Snowflake were worth $781,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. SG Americas Securities LLC lifted its position in Snowflake by 210.5% during the first quarter. SG Americas Securities LLC now owns 89,742 shares of the company’s stock worth $13,117,000 after buying an additional 60,840 shares in the last quarter. GAMMA Investing LLC lifted its position in Snowflake by 102.8% during the first quarter. GAMMA Investing LLC now owns 793 shares of the company’s stock worth $116,000 after buying an additional 402 shares in the last quarter. Parisi Gray Wealth Management purchased a new position in Snowflake during the first quarter worth approximately $409,000. Pallas Capital Advisors LLC lifted its position in Snowflake by 388.4% during the first quarter. Pallas Capital Advisors LLC now owns 24,371 shares of the company’s stock worth $3,562,000 after buying an additional 19,381 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Snowflake by 29.2% during the first quarter. Farther Finance Advisors LLC now owns 4,801 shares of the company’s stock worth $718,000 after buying an additional 1,085 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on SNOW. Citigroup reiterated an “outperform” rating on shares of Snowflake in a research report on Thursday, May 22nd. BTIG Research reiterated a “buy” rating on shares of Snowflake in a research report on Thursday, May 22nd. Guggenheim reissued a “neutral” rating on shares of Snowflake in a research note on Thursday, February 27th. Rosenblatt Securities reissued a “buy” rating and set a $205.00 target price on shares of Snowflake in a research note on Monday, May 19th. Finally, Cantor Fitzgerald raised their target price on Snowflake from $183.00 to $242.00 and gave the stock an “overweight” rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $222.81.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $129.25, for a total value of $52,087.75. Following the transaction, the director now owns 26,375 shares in the company, valued at $3,408,968.75. The trade was a 1.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 548 shares of the business’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $209.96, for a total value of $115,058.08. Following the completion of the transaction, the executive vice president now owns 568,617 shares in the company, valued at $119,386,825.32. This trade represents a 0.10% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 900,459 shares of company stock valued at $170,184,739. Insiders own 6.80% of the company’s stock.

Snowflake Stock Up 0.1%

Snowflake stock opened at $208.49 on Thursday. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $214.83. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market capitalization of $69.61 billion, a P/E ratio of -61.50 and a beta of 1.21. The stock has a 50-day simple moving average of $173.43 and a 200-day simple moving average of $170.25.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the business earned $0.14 EPS. The business’s quarterly revenue was up 25.8% on a year-over-year basis. Equities research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Snowflake Company Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.