Janney Capital Management LLC Sells 12,004 Shares of Snowflake Inc. $SNOW

Key Points

• Janney Capital Management LLC has reduced its holdings in Snowflake Inc. by 19.7%, selling 12,004 shares, bringing its total ownership to 48,845 shares valued at approximately $10.93 million.
• A variety of large investors, including Smith Anglin Financial and SWS Partners, increased their stakes in Snowflake during the second quarter, with institutional investors now owning 65.10% of the company's stock.
• Snowflake recently beat analysts' expectations in its earnings report, posting $1.14 billion in revenue and $0.35 earnings per share, with a projected EPS of -2.36 for the current year.

Janney Capital Management LLC lessened its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 19.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,845 shares of the company's stock after selling 12,004 shares during the quarter. Janney Capital Management LLC's holdings in Snowflake were worth $10,930,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Smith Anglin Financial LLC bought a new stake in shares of Snowflake during the 2nd quarter valued at about $223,000. SWS Partners lifted its position in Snowflake by 25.4% in the 2nd quarter. SWS Partners now owns 25,931 shares of the company's stock worth $5,803,000 after buying an additional 5,248 shares during the last quarter. Moss Adams Wealth Advisors LLC bought a new stake in Snowflake in the 2nd quarter worth approximately $246,000. GC Wealth Management RIA LLC bought a new stake in Snowflake in the 2nd quarter worth approximately $1,219,000. Finally, Exane Asset Management bought a new stake in Snowflake in the 2nd quarter worth approximately $585,000. Institutional investors own 65.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SNOW. JMP Securities restated a "market outperform" rating and issued a $260.00 target price on shares of Snowflake in a research report on Tuesday, August 26th. Morgan Stanley boosted their target price on Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Citigroup restated an "outperform" rating on shares of Snowflake in a research report on Thursday, August 28th. CICC Research began 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. Finally, KeyCorp boosted their target price on Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $255.53.

Insider Activity

In related news, Director Frank Slootman sold 710,083 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the sale, the director directly owned 165,507 shares of the company's stock, valued at $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Speiser sold 50,338 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $208.69, for a total value of $10,505,037.22. Following the completion of the sale, the director directly owned 36,116 shares in the company, valued at approximately $7,537,048.04. The trade was a 58.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,947,739 shares of company stock valued at $438,614,781. Company insiders own 6.80% of the company's stock.

Snowflake Price Performance

SNOW opened at $225.76 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a 52-week low of $108.71 and a 52-week high of $249.99. The stock has a market capitalization of $76.49 billion, a PE ratio of -54.40 and a beta of 1.22. The stock's 50 day moving average price is $214.49 and its 200-day moving average price is $194.01.

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

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.

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