OMC Financial Services LTD Cuts Position in Snowflake Inc. $SNOW

OMC Financial Services LTD trimmed its position in shares of Snowflake Inc. (NYSE:SNOW) by 2.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,547 shares of the company’s stock after selling 526 shares during the period. Snowflake comprises about 1.6% of OMC Financial Services LTD’s portfolio, making the stock its 17th biggest position. OMC Financial Services LTD’s holdings in Snowflake were worth $3,926,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake during the second quarter worth approximately $25,000. Whittier Trust Co. boosted its holdings in Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after purchasing an additional 82 shares in the last quarter. LGT Financial Advisors LLC acquired a new position in Snowflake in the second quarter valued at approximately $36,000. Golden State Wealth Management LLC boosted its holdings in Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock valued at $31,000 after purchasing an additional 187 shares in the last quarter. Finally, HighMark Wealth Management LLC boosted its holdings in Snowflake by 200.0% in the second quarter. HighMark Wealth Management LLC now owns 225 shares of the company’s stock valued at $50,000 after purchasing an additional 150 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Price Performance

Shares of NYSE SNOW opened at $247.52 on Wednesday. The firm has a market capitalization of $83.86 billion, a P/E ratio of -59.64 and a beta of 1.21. Snowflake Inc. has a one year low of $113.23 and a one year high of $255.39. The company’s fifty day moving average is $224.55 and its two-hundred day moving average is $203.51. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48.

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SNOW shares. Robert W. Baird upped their price target on Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Macquarie increased their price objective on Snowflake from $210.00 to $235.00 and gave the company a “neutral” rating in a report on Thursday, August 28th. JPMorgan Chase & Co. increased 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. Canaccord Genuity Group upped their price target on Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Finally, Rosenblatt Securities restated a “buy” rating and set a $250.00 price target on shares of Snowflake in a research note on Friday, October 17th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $257.24.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $216.00, for a total value of $2,160,000.00. Following the completion of the transaction, the executive vice president owned 537,336 shares in the company, valued at $116,064,576. This trade represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 710,083 shares of the firm’s 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 transaction, the director owned 165,507 shares of the company’s stock, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,182,434 shares of company stock worth $270,280,661. Corporate insiders own 6.80% of the company’s stock.

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.