American Century Companies Inc. Decreases Stock Position in Snowflake Inc. $SNOW

Key Points

• American Century Companies Inc. reduced its holdings in Snowflake Inc. by 4.8%, selling 36,032 shares, and now owns about 0.22% of the company, valued at $104.37 million.
• Insider Frank Slootman sold 256,046 shares of Snowflake, representing a 60.74% decrease in his ownership, while other directors also made significant sales in recent months.
• Snowflake's stock has a blend of ratings with 33 buy ratings and an average target price of $226.32, with recent performance showing its stock trading up 2.2%.

American Century Companies Inc. reduced its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 4.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 714,078 shares of the company's stock after selling 36,032 shares during the quarter. American Century Companies Inc. owned approximately 0.22% of Snowflake worth $104,370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in Snowflake during the first quarter valued at about $555,847,000. Price T Rowe Associates Inc. MD increased its stake in shares of Snowflake by 124.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after purchasing an additional 2,200,406 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after purchasing an additional 650,775 shares during the period. Invesco Ltd. lifted its stake in shares of Snowflake by 26.5% during the 1st quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock valued at $451,384,000 after buying an additional 647,176 shares in the last quarter. Finally, Voya Investment Management LLC lifted its stake in shares of Snowflake by 157.0% during the 4th quarter. Voya Investment Management LLC now owns 925,817 shares of the company's stock valued at $142,955,000 after buying an additional 565,561 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Snowflake Price Performance

Snowflake stock traded down $5.7060 during mid-day trading on Tuesday, hitting $192.5340. 3,512,691 shares of the company traded hands, compared to its average volume of 3,981,377. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27. The stock has a market cap of $64.28 billion, a price-to-earnings ratio of -45.73 and a beta of 1.22. The stock has a fifty day moving average price of $211.94 and a 200-day moving average price of $184.73.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter last year, the company posted $0.14 EPS. The business's quarterly revenue was up 25.8% on a year-over-year basis. On average, equities analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $208.69, for a total value of $84,102.07. Following the completion of the transaction, the director directly owned 26,136 shares in the company, valued at approximately $5,454,321.84. This represents a 1.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 256,046 shares of the firm's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $227.15, for a total value of $58,160,848.90. Following the transaction, the director directly owned 165,507 shares in the company, valued at approximately $37,594,915.05. This represents a 60.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,014,642 shares of company stock worth $657,325,186. 6.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SNOW. Jefferies Financial Group lifted their price objective on shares of Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Morgan Stanley initiated coverage on Snowflake in a research report on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 price target for the company. HSBC lowered Snowflake from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Loop Capital raised their target price on Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Finally, Macquarie lifted their target price on Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $226.32.

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.