Envestnet Portfolio Solutions Inc. Sells 1,238 Shares of Snowflake Inc. (NYSE:SNOW)

Envestnet Portfolio Solutions Inc. trimmed its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 13.4% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 8,017 shares of the company's stock after selling 1,238 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Snowflake were worth $1,172,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SNOW. Kirtland Hills Capital Management LLC lifted its stake in shares of Snowflake by 40.1% in the 4th quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company's stock worth $2,458,000 after purchasing an additional 4,559 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Snowflake by 455.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company's stock worth $19,174,000 after buying an additional 101,806 shares during the last quarter. SPX Gestao de Recursos Ltda purchased a new position in shares of Snowflake in the fourth quarter worth approximately $3,088,000. GraniteShares Advisors LLC purchased a new position in shares of Snowflake in the fourth quarter worth approximately $781,000. Finally, Deutsche Bank AG boosted its holdings in shares of Snowflake by 26.0% in the fourth quarter. Deutsche Bank AG now owns 922,953 shares of the company's stock worth $142,513,000 after buying an additional 190,583 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Emily Ho sold 5,027 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $199.06, for a total transaction of $1,000,674.62. Following the sale, the chief accounting officer now owns 40,608 shares of the company's stock, valued at $8,083,428.48. The trade was a 11.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christian Kleinerman sold 2,610 shares of the company's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $209.87, for a total value of $547,760.70. Following the completion of the transaction, the executive vice president now directly owns 557,336 shares in the company, valued at $116,968,106.32. This represents a 0.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 597,248 shares of company stock valued at $121,549,799 in the last three months. 6.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Scotiabank reiterated an "outperform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Loop Capital raised their price target on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Citigroup reiterated an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Jefferies Financial Group raised their price target on shares of Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, DA Davidson reissued a "buy" rating and set a $250.00 target price on shares of Snowflake in a research report on Wednesday, June 4th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-four have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $225.22.

Snowflake Trading Up 4.4%

Shares of NYSE SNOW opened at $223.10 on Wednesday. The stock's 50 day moving average price is $186.03 and its two-hundred day moving average price is $172.43. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $224.61. The stock has a market capitalization of $74.48 billion, a P/E ratio of -52.99 and a beta of 1.21. 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 (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data 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. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the firm posted $0.14 earnings per share. Snowflake's revenue for the quarter was up 25.8% compared to the same quarter last year. On average, analysts anticipate 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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