Eagle Strategies LLC Sells 9,563 Shares of Snowflake Inc. $SNOW

Key Points

• Eagle Strategies LLC has significantly reduced its stake in Snowflake Inc. by 74%, selling 9,563 shares and now holding just 3,360 shares valued at $752,000.
• Institutional investors hold approximately 65.1% of Snowflake's stock, with several firms, including Opal Wealth Advisors and CVA Family Office, recently increasing their positions in the company.
• Snowflake's recent quarterly earnings showed a 31.8% increase in revenue year-over-year, reporting $1.14 billion, while beating earnings per share estimates.

Eagle Strategies LLC cut its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 74.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,360 shares of the company's stock after selling 9,563 shares during the period. Eagle Strategies LLC's holdings in Snowflake were worth $752,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of SNOW. Opal Wealth Advisors LLC bought a new position in Snowflake in the 1st quarter worth approximately $26,000. CVA Family Office LLC boosted its holdings in Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after buying an additional 88 shares during the period. Golden State Wealth Management LLC boosted its holdings in Snowflake by 748.0% in the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after buying an additional 187 shares during the period. Tradewinds Capital Management LLC boosted its holdings in Snowflake by 53.1% in the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock worth $36,000 after buying an additional 85 shares during the period. Finally, CX Institutional bought a new position in Snowflake in the 1st quarter worth approximately $42,000. 65.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SNOW has been the subject of several analyst reports. Citigroup reissued an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Needham & Company LLC raised their price target on shares of Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Wells Fargo & Company initiated coverage on shares of Snowflake in a report on Tuesday, September 30th. They issued an "overweight" rating and a $275.00 price target for the company. Evercore ISI raised their price target on shares of Snowflake from $240.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Finally, Sanford C. Bernstein raised their price target on shares of Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and a consensus target price of $256.18.

Insider Buying and Selling at Snowflake

In related news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. This trade represents a 81.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the transaction, the senior vice president owned 241,854 shares in the company, valued at approximately $53,986,649.88. The trade was a 4.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,177,434 shares of company stock worth $269,030,661 in the last 90 days. 6.80% of the stock is owned by company insiders.

Snowflake Stock Performance

Snowflake stock opened at $250.15 on Thursday. The firm's fifty day moving average price is $217.35 and its 200-day moving average price is $197.39. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market cap of $84.75 billion, a P/E ratio of -60.28 and a beta of 1.21. Snowflake Inc. has a fifty-two week low of $113.23 and a fifty-two week high of $251.81.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business's quarterly revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the company posted $0.18 EPS. On average, equities research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

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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