Inspire Investing LLC Reduces Stock Holdings in Snowflake Inc. $SNOW

Inspire Investing LLC lowered its position in shares of Snowflake Inc. (NYSE:SNOW) by 38.2% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 1,277 shares of the company’s stock after selling 789 shares during the quarter. Inspire Investing LLC’s holdings in Snowflake were worth $286,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Snowflake by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company’s stock worth $3,974,705,000 after acquiring an additional 316,573 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in Snowflake during the 2nd quarter worth 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 acquired a new stake in Snowflake during the 1st quarter worth about $555,847,000. Finally, Goldman Sachs Group Inc. lifted its position in Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock worth $524,293,000 after acquiring an additional 650,775 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Evercore ISI lifted their price target on Snowflake from $240.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. DA Davidson reaffirmed a “buy” rating and set a $250.00 price target on shares of Snowflake in a research report on Monday, August 25th. Oppenheimer lifted their price target on Snowflake from $250.00 to $275.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. boosted their price objective on Snowflake from $225.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Finally, Sanford C. Bernstein boosted their price objective on Snowflake from $191.00 to $221.00 and gave the company a “market perform” rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.18.

Snowflake Stock Down 0.3%

NYSE:SNOW opened at $240.20 on Friday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock’s fifty day moving average is $221.40 and its two-hundred day moving average is $201.00. Snowflake Inc. has a 52 week low of $113.23 and a 52 week high of $255.39. The stock has a market capitalization of $81.38 billion, a price-to-earnings ratio of -57.88 and a beta of 1.21.

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

Insider Transactions at Snowflake

In other Snowflake news, SVP Vivek Raghunathan sold 11,801 shares of the company’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the transaction, the senior vice president directly owned 241,854 shares in the company, valued at $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $208.69, for a total value of $10,505,037.22. Following the transaction, the director owned 36,116 shares in the company, valued at $7,537,048.04. This trade represents a 58.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,182,434 shares of company stock valued at $270,280,661 over the last three months. 6.80% of the stock is currently owned by company insiders.

About Snowflake

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.