Adero Partners LLC Reduces Stock Position in Snowflake Inc. (NYSE:SNOW)

Adero Partners LLC cut its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 24.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 158,448 shares of the company's stock after selling 52,360 shares during the period. Snowflake makes up about 1.5% of Adero Partners LLC's holdings, making the stock its 15th largest holding. Adero Partners LLC's holdings in Snowflake were worth $23,159,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new stake in shares of Snowflake in the first quarter valued at approximately $26,000. CVA Family Office LLC grew its position in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after acquiring an additional 88 shares during the period. West Paces Advisors Inc. purchased a new position in Snowflake in the fourth quarter worth approximately $31,000. Spurstone Advisory Services LLC purchased a new position in Snowflake in the fourth quarter worth approximately $31,000. Finally, Capital A Wealth Management LLC purchased a new position in Snowflake in the fourth quarter worth approximately $31,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Wolfe Research upgraded Snowflake from a "peer perform" rating to an "outperform" rating and set a $235.00 price objective for the company in a research report on Tuesday, February 18th. Rosenblatt Securities reiterated a "buy" rating and issued a $205.00 price objective on shares of Snowflake in a research report on Monday, May 19th. Evercore ISI reiterated a "buy" rating on shares of Snowflake in a research report on Wednesday, June 4th. Jefferies Financial Group increased their price objective on Snowflake from $220.00 to $250.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $230.00 price objective on shares of Snowflake in a research report on Thursday, June 5th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-two have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $223.50.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 3,765 shares of the firm's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $155.69, for a total transaction of $586,172.85. Following the transaction, the executive vice president now owns 616,602 shares of the company's stock, valued at approximately $95,998,765.38. This trade represents a 0.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael Scarpelli sold 300,000 shares of the firm's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the transaction, the chief financial officer now directly owns 292,610 shares in the company, valued at approximately $47,756,878.10. The trade was a 50.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 903,058 shares of company stock worth $170,730,711 over the last ninety days. Corporate insiders own 6.80% of the company's stock.

Snowflake Stock Down 1.5%

Snowflake stock opened at $208.14 on Monday. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $214.83. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The stock has a market cap of $69.49 billion, a PE ratio of -61.40 and a beta of 1.21. The stock's fifty day moving average is $176.54 and its two-hundred day moving average is $170.74.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The company had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same period last year, the firm earned $0.14 earnings per share. Snowflake's quarterly revenue was up 25.8% on a year-over-year basis. On average, sell-side analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal 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.

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