Banco Santander S.A. Cuts Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• Banco Santander S.A. reduced its stake in Snowflake Inc. by 35.4% in the first quarter, declining from 228,277 shares to 147,419 shares, valued at approximately $21.5 million.
• Several institutional investors, including Quarry LP and TD Private Client Wealth LLC, have increased their holdings in Snowflake, with ownership among institutional investors now at 65.10%.
• Snowflake's stock performance shows a recent average rating of "Moderate Buy" from analysts, with a price target averaging $226.73 despite a mix of hold, sell, and buy ratings across analysts.

Banco Santander S.A. lessened its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 35.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 147,419 shares of the company's stock after selling 80,858 shares during the quarter. Banco Santander S.A.'s holdings in Snowflake were worth $21,547,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Opal Wealth Advisors LLC bought a new stake in Snowflake during the first quarter valued at about $26,000. CVA Family Office LLC grew its holdings in Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after purchasing an additional 88 shares during the period. West Paces Advisors Inc. bought a new stake in Snowflake during the fourth quarter valued at about $31,000. Spurstone Advisory Services LLC bought a new stake in Snowflake during the fourth quarter valued at about $31,000. Finally, Capital A Wealth Management LLC bought a new stake in Snowflake during the fourth quarter valued at about $31,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Stock Performance

Shares of NYSE SNOW traded down $18.43 during trading on Friday, reaching $205.07. 8,572,486 shares of the company traded hands, compared to its average volume of 3,517,346. The firm's fifty day simple moving average is $213.88 and its 200 day simple moving average is $182.94. The stock has a market cap of $68.46 billion, a P/E ratio of -48.71 and a beta of 1.22. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $229.27. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company's revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the business posted $0.14 EPS. As a group, research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Mark Garrett sold 67,000 shares of Snowflake stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $198.98, for a total transaction of $13,331,660.00. Following the completion of the transaction, the director owned 7,428 shares in the company, valued at approximately $1,478,023.44. This trade represents a 90.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Frank Slootman sold 424,852 shares of Snowflake stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the transaction, the director owned 165,507 shares of the company's stock, valued at $36,303,960.45. The trade was a 71.97% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,697,855 shares of company stock worth $586,415,198. Insiders own 6.80% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. UBS Group raised Snowflake from a "neutral" rating to a "buy" rating and boosted their price target for the company from $210.00 to $265.00 in a report on Wednesday, June 4th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $250.00 price objective (up previously from $225.00) on shares of Snowflake in a research note on Friday, June 13th. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. Evercore ISI reaffirmed a "buy" rating on shares of Snowflake in a research note on Wednesday, June 4th. Finally, JPMorgan Chase & Co. upped their price objective on Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $226.73.

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.