Chicago Partners Investment Group LLC Sells 1,315 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• Chicago Partners Investment Group LLC reduced its holdings in Snowflake Inc. by 26.2%, now owning 3,707 shares worth approximately $542,000.
• Snowflake's stock recently received several ratings updates, with Cantor Fitzgerald raising its price target to $242.00 and Morgan Stanley issuing an "overweight" rating with a target of $262.00.
• The company reported a 25.8% year-over-year revenue increase in its latest earnings, achieving revenues of $1.04 billion for the quarter.

Chicago Partners Investment Group LLC reduced its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 26.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,707 shares of the company's stock after selling 1,315 shares during the quarter. Chicago Partners Investment Group LLC's holdings in Snowflake were worth $542,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Snowflake by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock valued at $3,974,705,000 after purchasing an additional 316,573 shares during the period. Price T Rowe Associates Inc. MD grew its stake in 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 valued at $612,817,000 after purchasing an additional 2,200,406 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after acquiring an additional 650,775 shares during the last quarter. Baillie Gifford & Co. boosted its stake in Snowflake by 8.2% during the 1st quarter. Baillie Gifford & Co. now owns 2,928,696 shares of the company's stock valued at $428,058,000 after purchasing an additional 222,920 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Snowflake by 16.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,253,476 shares of the company's stock worth $347,959,000 after acquiring an additional 317,697 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Up 0.6%

Shares of NYSE:SNOW traded up $1.12 during trading on Tuesday, reaching $192.92. 3,942,217 shares of the stock were exchanged, compared to its average volume of 3,888,328. The firm has a market cap of $64.41 billion, a price-to-earnings ratio of -45.82 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 firm's 50-day moving average price is $213.29 and its 200 day moving average price is $184.22. 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 (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion for 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 business's revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 EPS. On average, sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group raised their price target on Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a report on Monday, June 9th. Raymond James Financial reaffirmed an "outperform" rating and issued a $212.00 target price (up previously from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. JPMorgan Chase & Co. boosted their price objective on Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Barclays restated an "overweight" rating and set a $219.00 target price (up from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Macquarie increased their price objective on Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $226.73.

Insiders Place Their Bets

In related news, CFO Michael Scarpelli sold 400,000 shares of Snowflake stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer owned 292,610 shares of the company's stock, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,014,642 shares of company stock worth $657,325,186 over the last three months. Corporate insiders own 6.80% of the company's stock.

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.