Allianz Asset Management GmbH Sells 6,933 Shares of Snowflake Inc. $SNOW

Key Points

• Allianz Asset Management GmbH has reduced its stake in Snowflake Inc. by selling 6,933 shares, resulting in a total holding of 119,624 shares valued at approximately $26.77 million as of the latest SEC filing.
• Insider selling activity included SVP Vivek Raghunathan and EVP Christian Kleinerman, who sold 11,801 and 5,000 shares respectively, accounting for significant decreases in their ownership.
• Snowflake reported a 31.8% year-over-year revenue increase for its recent quarter, with earnings per share of $0.35, surpassing analysts' expectations of $0.27.

Allianz Asset Management GmbH trimmed its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 5.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 119,624 shares of the company's stock after selling 6,933 shares during the period. Allianz Asset Management GmbH's holdings in Snowflake were worth $26,768,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Trust Co. of Toledo NA OH bought a new position in Snowflake during the second quarter valued at $25,000. Golden State Wealth Management LLC grew its holdings in Snowflake by 748.0% during 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 during the period. Tradewinds Capital Management LLC grew its holdings in Snowflake by 53.1% during the first quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock valued at $36,000 after purchasing an additional 85 shares during the period. Alpine Bank Wealth Management bought a new position in Snowflake during the first quarter valued at $43,000. Finally, MRP Capital Investments LLC bought a new position in Snowflake during the first quarter valued at $44,000. 65.10% of the stock is owned by institutional investors.

Insider Buying and Selling at Snowflake

In other Snowflake news, SVP Vivek Raghunathan sold 11,801 shares of the firm's stock in a transaction dated 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 sale, the senior vice president owned 241,854 shares in the company, valued at $53,986,649.88. This trade represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 5,000 shares of the firm's stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $250.00, for a total value of $1,250,000.00. Following the sale, the executive vice president owned 43,568 shares in the company, valued at $10,892,000. The trade was a 10.29% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,182,434 shares of company stock valued at $270,280,661. 6.80% of the stock is currently owned by company insiders.

Snowflake Trading Up 0.3%

Shares of SNOW stock opened at $240.68 on Friday. 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 Inc. has a 52-week low of $113.23 and a 52-week high of $255.39. The company has a market capitalization of $81.54 billion, a PE ratio of -58.00 and a beta of 1.21. The business's fifty day moving average is $222.38 and its 200 day moving average is $201.96.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (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 the consensus estimate of $1.09 billion. During the same quarter last year, the business posted $0.18 earnings per share. The firm's revenue was up 31.8% compared to the same quarter last year. On average, equities research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of analyst reports. JMP Securities reaffirmed a "market outperform" rating and issued a $260.00 price target on shares of Snowflake in a report on Tuesday, August 26th. UBS Group raised their price target on Snowflake from $285.00 to $310.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. KeyCorp raised their price target on Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Needham & Company LLC raised their price target on Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Evercore ISI raised their price target on Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Two investment 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and a consensus target price of $256.71.

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.

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