FourThought Financial Partners LLC Has $280,000 Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• FourThought Financial Partners LLC significantly reduced its stake in Snowflake Inc., selling 12,989 shares, which translates to an 87.2% decrease in ownership.
• Insider selling includes CFO Michael Scarpelli, who sold 400,000 shares valued at over $82 million, reflecting a 57.75% decrease in his holdings.
• Snowflake's latest earnings report showed a 25.8% revenue increase year-over-year, with an EPS of $0.24, surpassing analysts' expectations.

FourThought Financial Partners LLC cut its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 87.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,914 shares of the company's stock after selling 12,989 shares during the period. FourThought Financial Partners LLC's holdings in Snowflake were worth $280,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of SNOW. Quarry LP raised its position in shares of Snowflake by 9.8% in the fourth quarter. Quarry LP now owns 662 shares of the company's stock worth $102,000 after buying an additional 59 shares in the last quarter. Ignite Planners LLC raised its holdings in shares of Snowflake by 2.3% during the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after buying an additional 64 shares in the last quarter. Gabelli Funds LLC lifted its position in Snowflake by 3.3% in the 4th quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock worth $317,000 after buying an additional 65 shares during the last quarter. Archford Capital Strategies LLC boosted its stake in Snowflake by 1.9% in the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock worth $527,000 after buying an additional 68 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its position in Snowflake by 8.9% during the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after acquiring an additional 68 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Price Performance

Shares of SNOW stock traded down $0.77 during midday trading on Monday, reaching $218.74. 3,441,262 shares of the company traded hands, compared to its average volume of 5,105,664. The firm has a market cap of $73.03 billion, a PE ratio of -51.96 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm's 50 day simple moving average is $211.09 and its two-hundred day simple moving average is $181.09. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $226.60.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the firm earned $0.14 EPS. The firm's quarterly revenue was up 25.8% on a year-over-year basis. On average, equities research analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SNOW. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Hsbc Global Res cut Snowflake from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $230.00 price target on shares of Snowflake in a research note on Thursday, June 5th. Cantor Fitzgerald lifted their price target on shares of Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a report on Thursday, May 22nd. Finally, KeyCorp reaffirmed an "overweight" rating on shares of Snowflake in a research report on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, Snowflake currently has an average rating of "Moderate Buy" and a consensus target price of $226.73.

Insider Transactions at Snowflake

In related news, Director Mark Garrett sold 67,000 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $198.98, for a total value of $13,331,660.00. Following the completion of the sale, the director directly owned 7,428 shares in the company, valued at approximately $1,478,023.44. This represents a 90.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the sale, the chief financial officer directly owned 292,610 shares of the company's stock, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,708,258 shares of company stock worth $588,162,906 in the last three months. 6.80% of the stock is currently owned by company insiders.

About Snowflake

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.