Snowflake Inc. $SNOW Shares Sold by First Pacific Financial

First Pacific Financial trimmed its stake in Snowflake Inc. (NYSE:SNOW) by 13.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 4,690 shares of the company’s stock after selling 703 shares during the period. First Pacific Financial’s holdings in Snowflake were worth $1,049,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in Snowflake by 1.2% during the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company’s stock worth $3,974,705,000 after buying an additional 316,573 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in Snowflake in the 2nd quarter valued at about $3,900,134,000. Price T Rowe Associates Inc. MD lifted its position in Snowflake by 19.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock worth $691,693,000 after acquiring an additional 763,673 shares during the period. Nuveen LLC purchased a new position in shares of Snowflake in the 1st quarter valued at approximately $555,847,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Snowflake by 22.2% during the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock worth $524,293,000 after purchasing an additional 650,775 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the sale, the director owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction on Monday, July 7th. The stock was sold at an average price of $221.47, for a total value of $11,148,356.86. Following the transaction, the director owned 36,956 shares of the company’s stock, valued at approximately $8,184,645.32. The trade was a 57.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,759,924 shares of company stock worth $397,943,442. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Stock Performance

Snowflake stock opened at $225.60 on Wednesday. The stock has a fifty day moving average price of $214.75 and a 200 day moving average price of $194.23. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 52 week low of $108.71 and a 52 week high of $249.99. The firm has a market capitalization of $76.43 billion, a P/E ratio of -54.36 and a beta of 1.22.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the firm posted $0.18 EPS. The company’s revenue was up 31.8% on a year-over-year basis. Equities research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on SNOW. Piper Sandler boosted their price objective on shares of Snowflake from $215.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Guggenheim reissued a “neutral” rating on shares of Snowflake in a report on Thursday, August 28th. BTIG Research raised their target price on Snowflake from $235.00 to $276.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Sanford C. Bernstein upped their target price on shares of Snowflake from $191.00 to $221.00 and gave the stock a “market perform” rating in a research report on Thursday, August 28th. Finally, Wells Fargo & Company began coverage on Snowflake in a research note on Tuesday. They issued an “overweight” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus 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.