Janney Montgomery Scott LLC Trims Stake in Snowflake Inc. $SNOW

Key Points

• Janney Montgomery Scott LLC reduced its stake in Snowflake Inc. by 25.4% in the second quarter, selling 12,336 shares and now owning 36,202 shares valued at $8,101,000.
• Snowflake's most recent earnings report showed a profit of $0.35 per share, beating analysts' expectations of $0.27, with revenues reaching $1.14 billion, up 31.8% year-over-year.
• Wall Street analysts maintain a consensus rating of Moderate Buy for Snowflake, with an average price target of $255.53 after several firms raised their price forecasts for the stock.

Janney Montgomery Scott LLC trimmed its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 25.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,202 shares of the company's stock after selling 12,336 shares during the quarter. Janney Montgomery Scott LLC's holdings in Snowflake were worth $8,101,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings in shares of Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after purchasing an additional 650,775 shares in the last quarter. CenterBook Partners LP purchased a new position in shares of Snowflake in the 1st quarter worth about $2,381,000. Berkshire Capital Holdings Inc. boosted its holdings in shares of Snowflake by 71,500.0% in the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock worth $1,047,000 after purchasing an additional 7,150 shares in the last quarter. Lyell Wealth Management LP boosted its holdings in shares of Snowflake by 5.1% in the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock worth $8,870,000 after purchasing an additional 2,955 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of Snowflake in the 1st quarter worth about $898,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Price Performance

Shares of SNOW stock opened at $235.42 on Monday. Snowflake Inc. has a twelve month low of $111.15 and a twelve month high of $249.99. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock has a market cap of $79.76 billion, a price-to-earnings ratio of -56.73 and a beta of 1.21. The business's fifty day moving average is $215.94 and its 200 day moving average is $196.17.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the company earned $0.18 EPS. The firm's revenue for the quarter was up 31.8% on a year-over-year basis. Research analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $216.00, for a total transaction of $2,160,000.00. Following the completion of the transaction, the executive vice president owned 537,336 shares of the company's stock, valued at $116,064,576. This trade represents a 1.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,227,176 shares of company stock worth $279,503,457 in the last 90 days. Corporate insiders own 6.80% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Stifel Nicolaus upped their price objective on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Needham & Company LLC increased their target price on Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Rosenblatt Securities increased their target price on Snowflake from $210.00 to $250.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Sanford C. Bernstein increased their target price on Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. Finally, Guggenheim restated a "neutral" rating on shares of Snowflake in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target 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.

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.