Curated Wealth Partners LLC Sells 119,640 Shares of Snowflake Inc. $SNOW

Key Points

• Curated Wealth Partners cut its Snowflake stake by 96.5% in the third quarter, selling 119,640 shares and retaining 4,296 shares valued at approximately $1.46 million.
• Institutional ownership remains substantial at 65.1%, with several major investors increasing their positions, including Janus Henderson, Pictet Asset Management, Swedbank and Harel Insurance.
• Analysts maintain a generally positive outlook: 35 rate Snowflake a Buy, five a Hold and one a Sell, producing a “Moderate Buy” consensus and an average price target of $414.24. Recent results also exceeded expectations, with $1.55 billion in revenue and $0.62 in adjusted EPS.

Curated Wealth Partners LLC lowered its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 96.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,296 shares of the company's stock after selling 119,640 shares during the period. Curated Wealth Partners LLC's holdings in Snowflake were worth $1,459,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC grew its holdings in shares of Snowflake by 22.2% during the first quarter. Janus Henderson Group PLC now owns 2,997,385 shares of the company's stock valued at $452,014,000 after purchasing an additional 544,960 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in Snowflake by 44.7% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,600,571 shares of the company's stock worth $392,259,000 after buying an additional 803,110 shares in the last quarter. Swedbank AB raised its stake in Snowflake by 24.0% during the 1st quarter. Swedbank AB now owns 1,649,771 shares of the company's stock valued at $248,818,000 after acquiring an additional 319,356 shares in the last quarter. Jericho Capital Asset Management L.P. acquired a new position in shares of Snowflake during the fourth quarter valued at $345,619,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Snowflake by 76.9% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company's stock worth $176,736,000 after acquiring an additional 509,230 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNOW. Monness Crespi & Hardt upped their price objective on Snowflake from $380.00 to $450.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Guggenheim reissued a "neutral" rating on shares of Snowflake in a research note on Thursday, September 3rd. KeyCorp upped their target price on Snowflake from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Evercore restated an "outperform" rating and set a $430.00 price objective on shares of Snowflake in a report on Thursday, September 3rd. Finally, Benchmark raised their target price on shares of Snowflake from $290.00 to $360.00 and gave the stock a "buy" rating in a report on Tuesday, August 25th. Thirty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $414.24.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 25,000 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $325.00, for a total transaction of $8,125,000.00. Following the sale, the executive vice president directly owned 340,379 shares in the company, valued at $110,623,175. This represents a 6.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $324.06, for a total value of $16,312,532.28. Following the completion of the sale, the director owned 26,036 shares of the company's stock, valued at approximately $8,437,226.16. This trade represents a 65.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,246,429 shares of company stock valued at $396,227,952. 4.80% of the stock is owned by insiders.

Snowflake Stock Performance

SNOW traded down $4.88 on Thursday, hitting $330.20. The company had a trading volume of 3,460,684 shares, compared to its average volume of 6,479,282. The stock has a market cap of $116.50 billion, a price-to-earnings ratio of -103.85 and a beta of 1.35. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.94 and a quick ratio of 0.94. The company's fifty day moving average price is $333.37 and its 200 day moving average price is $253.25. Snowflake Inc. has a 1-year low of $118.30 and a 1-year high of $384.56.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.17. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.48 billion. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The firm's revenue was up 35.1% compared to the same quarter last year. During the same period last year, the business posted $0.35 earnings per share. Equities analysts predict that Snowflake Inc. will post -1.44 earnings per share for the current fiscal year.

Snowflake Profile

Snowflake Inc NYSE: SNOW provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake's services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.

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