Acadian Asset Management LLC Reduces Holdings in Snowflake Inc. $SNOW

Key Points

• Acadian Asset Management LLC reduced its holdings in Snowflake Inc. by 77.2% in the first quarter, selling 209,810 shares and leaving them with 61,829 shares valued at approximately $9 million.
• Snowflake recently reported earnings per share of $0.35, surpassing analyst expectations, and its revenue increased by 31.8% year-over-year, amounting to $1.14 billion.
• Analysts have issued new price targets for Snowflake, with several brokerages increasing their forecasts to between $275.00 and $285.00, maintaining a generally favorable outlook on the stock.

Acadian Asset Management LLC lessened its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 77.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,829 shares of the company's stock after selling 209,810 shares during the period. Acadian Asset Management LLC's holdings in Snowflake were worth $9,026,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SNOW. Opal Wealth Advisors LLC purchased a new position in shares of Snowflake during the 1st quarter valued at $26,000. CVA Family Office LLC lifted its holdings in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares in the last quarter. Spurstone Advisory Services LLC purchased a new stake in Snowflake during the 4th quarter worth about $31,000. Capital A Wealth Management LLC purchased a new stake in Snowflake during the 4th quarter worth about $31,000. Finally, Golden State Wealth Management LLC lifted its holdings in Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after purchasing an additional 187 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Stock Performance

NYSE:SNOW opened at $221.17 on Friday. The business's 50-day moving average price is $212.83 and its two-hundred day moving average price is $188.94. Snowflake Inc. has a twelve month low of $108.71 and a twelve month high of $249.99. The stock has a market cap of $73.84 billion, a P/E ratio of -53.29 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter last year, the firm posted $0.18 EPS. The company's revenue was up 31.8% compared to the same quarter last year. As a group, equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SNOW. Royal Bank Of Canada increased their price objective on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. DA Davidson reissued a "buy" rating and set a $250.00 price objective on shares of Snowflake in a report on Monday, August 25th. Oppenheimer increased their price objective on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. UBS Group increased their price objective on Snowflake from $250.00 to $285.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Evercore ISI increased their price objective on Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Snowflake presently has an average rating of "Moderate Buy" and an average price target of $255.53.

Insider Buying and Selling at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $224.84, for a total transaction of $90,610.52. Following the transaction, the director directly owned 25,733 shares in the company, valued at approximately $5,785,807.72. This represents a 1.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 1,938 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $223.86, for a total value of $433,840.68. Following the transaction, the director owned 162,737 shares in the company, valued at $36,430,304.82. This trade represents a 1.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,224,389 shares of company stock valued at $719,812,350 in the last 90 days. 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.

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