Gamco Investors INC. ET AL Trims Stake in Snowflake Inc. $SNOW

Key Points

• Gamco Investors INC. ET AL reduced its stake in Snowflake Inc. by 70.4%, selling 5,189 shares in the first quarter, leaving them with 2,182 shares valued at approximately $319,000.
• Several other institutional investors, including Nuveen LLC and Goldman Sachs Group Inc., have increased their stakes in Snowflake, signaling strong interest from major financial players.
• A number of analysts raised their price targets for Snowflake, with Oppenheimer setting a new target of $275.00, reflecting positive sentiment and a consensus rating of "Moderate Buy."

Gamco Investors INC. ET AL lessened its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 70.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 2,182 shares of the company's stock after selling 5,189 shares during the period. Gamco Investors INC. ET AL's holdings in Snowflake were worth $319,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in Snowflake in the first quarter valued at approximately $26,000. CVA Family Office LLC raised its stake in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares during the last quarter. Spurstone Advisory Services LLC purchased a new stake in shares of Snowflake in the fourth quarter worth approximately $31,000. Capital A Wealth Management LLC purchased a new stake in shares of Snowflake in the fourth quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC raised its stake in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after purchasing an additional 187 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares of the company's stock, valued at $38,144,398.29. This represents a 81.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last three months, insiders sold 3,216,909 shares of company stock worth $717,287,181. Corporate insiders own 6.80% of the company's stock.

Snowflake Trading Down 2.1%

SNOW traded down $5.04 during midday trading on Tuesday, reaching $233.62. 7,212,112 shares of the company's stock traded hands, compared to its average volume of 6,862,595. The firm has a fifty day moving average of $212.12 and a two-hundred day moving average of $186.53. The stock has a market capitalization of $78.00 billion, a price-to-earnings ratio of -56.29 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. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.Snowflake's quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 EPS. On average, equities analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SNOW has been the subject of several analyst reports. Morgan Stanley increased their price objective on Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. CICC Research started coverage on Snowflake in a research report on Friday, June 20th. They issued an "outperform" rating and a $225.00 target price for the company. Hsbc Global Res lowered Snowflake from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. BTIG Research raised their price target on Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Stephens assumed coverage on Snowflake in a research report on Friday, July 18th. They set an "overweight" rating and a $261.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $255.53.

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.