Forsta AP Fonden Reduces Holdings in Snowflake Inc. (NYSE:SNOW)

Key Points

• Forsta AP Fonden reduced its stake in Snowflake Inc. by 5.3%, selling 3,300 shares, bringing their total holdings to 59,000 shares valued at approximately $8.62 million.
• Institutional investors own 65.10% of Snowflake's stock, with several large investors increasing their holdings in the first quarter.
• Snowflake reported revenue of $1.04 billion for the latest quarter, surpassing analyst estimates, and posted earnings per share of $0.24, beating expectations by $0.02.

Forsta AP Fonden reduced its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 5.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 59,000 shares of the company's stock after selling 3,300 shares during the period. Forsta AP Fonden's holdings in Snowflake were worth $8,623,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in Snowflake during the 1st quarter valued at $26,000. CVA Family Office LLC raised its stake in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares during the last quarter. West Paces Advisors Inc. purchased a new stake in Snowflake during the 4th quarter valued at $31,000. Spurstone Advisory Services LLC purchased a new stake in Snowflake during the 4th quarter valued at $31,000. Finally, Capital A Wealth Management LLC purchased a new stake in Snowflake during the 4th quarter valued at $31,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 256,046 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $227.15, for a total transaction of $58,160,848.90. Following the completion of the sale, the director owned 165,507 shares of the company's stock, valued at $37,594,915.05. The trade was a 60.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $208.69, for a total transaction of $84,102.07. Following the sale, the director directly owned 26,136 shares of the company's stock, valued at $5,454,321.84. This represents a 1.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,014,642 shares of company stock worth $657,325,186 over the last three months. Company insiders own 6.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SNOW. Loop Capital upped their price objective on Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Raymond James Financial restated an "outperform" rating and issued a $212.00 price objective (up from $196.00) on shares of Snowflake in a research note on Thursday, May 22nd. Citigroup restated an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. UBS Group upgraded Snowflake from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $210.00 to $265.00 in a research note on Wednesday, June 4th. Finally, Cowen restated a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, Snowflake presently has an average rating of "Moderate Buy" and an average price target of $226.73.

Snowflake Price Performance

Shares of Snowflake stock traded up $2.16 during trading hours on Wednesday, reaching $195.22. The stock had a trading volume of 539,256 shares, compared to its average volume of 5,058,218. The stock's 50 day moving average is $213.29 and its 200 day moving average is $184.22. The firm has a market capitalization of $65.18 billion, a PE ratio of -46.47 and a beta of 1.22. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $229.27. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

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

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.