Paloma Partners Management Co Reduces Position in Snowflake Inc. $SNOW

Paloma Partners Management Co lessened its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 68.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,710 shares of the company’s stock after selling 151,466 shares during the period. Snowflake accounts for approximately 1.3% of Paloma Partners Management Co’s investment portfolio, making the stock its 17th biggest position. Paloma Partners Management Co’s holdings in Snowflake were worth $10,189,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after acquiring an additional 29,320 shares during the last quarter. Comerica Bank lifted its holdings in shares of Snowflake by 3.9% in the 4th quarter. Comerica Bank now owns 20,763 shares of the company’s stock worth $3,206,000 after acquiring an additional 781 shares during the last quarter. Triumph Capital Management lifted its holdings in shares of Snowflake by 30.3% in the 4th quarter. Triumph Capital Management now owns 7,706 shares of the company’s stock worth $1,190,000 after acquiring an additional 1,791 shares during the last quarter. AXA S.A. lifted its holdings in shares of Snowflake by 15.6% in the 4th quarter. AXA S.A. now owns 253,268 shares of the company’s stock worth $39,107,000 after acquiring an additional 34,098 shares during the last quarter. Finally, Aptus Capital Advisors LLC acquired a new stake in Snowflake during the 4th quarter worth approximately $448,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

NYSE:SNOW opened at $238.69 on Monday. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $249.99. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a 50 day simple moving average of $211.41 and a 200-day simple moving average of $185.85. The firm has a market cap of $79.69 billion, a PE ratio of -57.51 and a beta of 1.22.

Insider Buying and Selling at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the sale, the director owned 165,507 shares of the company’s stock, valued at $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $208.69, for a total transaction of $84,102.07. Following the sale, the director directly owned 26,136 shares of the company’s stock, valued at approximately $5,454,321.84. The trade was a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,216,909 shares of company stock worth $717,287,181 over the last three months. 6.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Canaccord Genuity Group increased their target price on shares of Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday. Scotiabank lifted their price target on shares of Snowflake from $230.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday. Evercore ISI raised their price objective on shares of Snowflake from $240.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday. BTIG Research lifted their target price on shares of Snowflake from $235.00 to $276.00 and gave the company a “buy” rating in a report on Thursday. Finally, Robert W. Baird boosted their price objective on shares of Snowflake from $215.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $255.53.

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.