Candriam S.C.A. Sells 1,829 Shares of Snowflake Inc. $SNOW

Key Points

• Candriam S.C.A. reduced its stake in Snowflake Inc. by 3.4%, selling 1,829 shares, and now holds 51,908 shares valued at approximately $7.59 million.
• Snowflake reported $1.04 billion in revenue for the latest quarter, surpassing analysts' expectations, with earnings per share (EPS) of $0.24, beating estimates of $0.22.
• Snowflake's stock performance has garnered various analyst ratings, with a consensus of “Moderate Buy” and an average price target of $226.86.

Candriam S.C.A. lessened its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 3.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 51,908 shares of the company's stock after selling 1,829 shares during the period. Candriam S.C.A.'s holdings in Snowflake were worth $7,587,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in Snowflake during the 1st quarter worth approximately $26,000. CVA Family Office LLC raised 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 during the last quarter. West Paces Advisors Inc. bought a new position in Snowflake during the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC bought a new position in Snowflake during the 4th quarter worth approximately $31,000. Finally, Capital A Wealth Management LLC bought a new position in Snowflake during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Down 0.0%

SNOW stock opened at $194.7610 on Friday. The firm has a market capitalization of $65.02 billion, a PE ratio of -46.26 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $229.27. The stock's 50 day moving average is $211.34 and its 200-day moving average is $184.88.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%.The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the firm posted $0.14 EPS. Snowflake's quarterly revenue was up 25.8% compared to the same quarter last year. Sell-side analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity

In other news, Director Teresa Briggs sold 1,146 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the sale, the director owned 4,474 shares in the company, valued at $974,168.76. This represents a 20.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $216.00, for a total transaction of $2,160,000.00. Following the transaction, the executive vice president directly owned 537,336 shares in the company, valued at $116,064,576. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,916,826 shares of company stock worth $637,835,052. 6.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SNOW shares. CICC Research initiated coverage on shares of Snowflake in a report on Friday, June 20th. They set an "outperform" rating and a $225.00 price target for the company. Macquarie lifted their price objective on shares of Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Oppenheimer reiterated an "outperform" rating on shares of Snowflake in a research note on Tuesday, June 24th. Robert W. Baird lifted their price objective on shares of Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $205.00 price objective on shares of Snowflake in a research note on Monday, May 19th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $226.86.

Snowflake 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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