Neo Ivy Capital Management Sells 912 Shares of Snowflake Inc. $SNOW

Neo Ivy Capital Management reduced its stake in shares of Snowflake Inc. (NYSE:SNOW) by 18.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 3,904 shares of the company’s stock after selling 912 shares during the period. Neo Ivy Capital Management’s holdings in Snowflake were worth $874,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SNOW. Trust Co. of Toledo NA OH purchased a new position in Snowflake during the second quarter valued at $25,000. Avion Wealth lifted its stake in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after purchasing an additional 49 shares in the last quarter. Rossby Financial LCC grew its position in shares of Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 127 shares in the last quarter. Whittier Trust Co. grew its position in shares of Snowflake by 149.1% during 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. Finally, Golden State Wealth Management LLC lifted its position in shares of Snowflake by 417.2% in the second quarter. Golden State Wealth Management LLC now owns 150 shares of the company’s stock worth $34,000 after buying an additional 121 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on SNOW shares. Guggenheim restated a “neutral” rating on shares of Snowflake in a report on Thursday, August 28th. Morgan Stanley raised their target price on shares of Snowflake from $262.00 to $272.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Bank of America boosted their price target on shares of Snowflake from $280.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Canaccord Genuity Group increased their price objective on shares of Snowflake from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Finally, Needham & Company LLC boosted their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $266.42.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total value of $2,335,000.00. Following the sale, the executive vice president directly owned 527,336 shares in the company, valued at approximately $123,132,956. This represents a 1.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the firm’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the sale, the senior vice president directly owned 241,854 shares of the company’s stock, valued at $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 931,388 shares of company stock worth $216,578,628. Corporate insiders own 6.80% of the company’s stock.

Snowflake Trading Down 4.2%

Shares of SNOW opened at $234.37 on Friday. The company’s fifty day simple moving average is $246.37 and its 200-day simple moving average is $221.34. The company has a market cap of $79.40 billion, a P/E ratio of -56.47 and a beta of 1.23. 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 twelve month low of $120.10 and a twelve month high of $280.67.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating 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 company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the prior year, the firm posted $0.18 EPS. The firm’s revenue was up 31.8% compared to the same quarter last year. As a group, analysts expect that Snowflake Inc. will post -2.36 EPS 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.