NFSG Corp Sells 15,050 Shares of Snowflake Inc. $SNOW

Key Points

• NFSG Corp cut its Snowflake position by 34.4% in the third quarter, selling 15,050 shares and retaining 28,670 shares valued at approximately $9.7 million.
• Institutional ownership remains substantial at 65.1%, with several major funds—including Janus Henderson, Pictet Asset Management and Assenagon—adding to their Snowflake holdings.
• Snowflake beat quarterly earnings and revenue expectations, while analysts maintained a generally bullish outlook: the stock has a “Moderate Buy” consensus rating and an average price target of $414.24.

NFSG Corp reduced its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 34.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 28,670 shares of the company's stock after selling 15,050 shares during the period. Snowflake accounts for about 1.0% of NFSG Corp's holdings, making the stock its 25th biggest holding. NFSG Corp's holdings in Snowflake were worth $9,735,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SNOW. Janus Henderson Group PLC grew its position in shares of Snowflake by 20.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,452,425 shares of the company's stock worth $537,907,000 after acquiring an additional 415,951 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of Snowflake by 44.7% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,600,571 shares of the company's stock valued at $392,259,000 after acquiring an additional 803,110 shares during the period. Jericho Capital Asset Management L.P. purchased a new stake in Snowflake in the 4th quarter valued at $345,619,000. Assenagon Asset Management S.A. raised its position in Snowflake by 134.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 790,291 shares of the company's stock valued at $268,351,000 after purchasing an additional 453,342 shares during the last quarter. Finally, Swedbank AB raised its position in Snowflake by 24.0% in the 1st quarter. Swedbank AB now owns 1,649,771 shares of the company's stock valued at $248,818,000 after purchasing an additional 319,356 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Price Performance

Shares of NYSE SNOW opened at $335.81 on Friday. The stock has a fifty day moving average price of $333.72 and a 200 day moving average price of $254.53. Snowflake Inc. has a 1-year low of $118.30 and a 1-year high of $384.56. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market cap of $118.47 billion, a PE ratio of -105.60 and a beta of 1.35.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.17. The company had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.48 billion. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. Snowflake's revenue was up 35.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.35 EPS. Sell-side analysts forecast that Snowflake Inc. will post -1.44 EPS for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on SNOW. UBS Group raised their price objective on shares of Snowflake from $425.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Benchmark lifted their price objective on shares of Snowflake from $290.00 to $360.00 and gave the company a "buy" rating in a research note on Tuesday, August 25th. Citigroup upped their target price on shares of Snowflake from $395.00 to $490.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Weiss Ratings reiterated a "sell (e+)" rating on shares of Snowflake in a research note on Tuesday, September 8th. Finally, Mizuho set a $425.00 target price on shares of Snowflake in a research note on Thursday, September 3rd. Thirty-five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $414.24.

Insiders Place Their Bets

In related news, CAO Emily Ho sold 768 shares of the firm's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $332.93, for a total value of $255,690.24. Following the completion of the sale, the chief accounting officer owned 39,958 shares in the company, valued at $13,303,216.94. This trade represents a 1.89% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Jonathan Beaulier sold 755 shares of Snowflake stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $336.36, for a total value of $253,951.80. Following the completion of the sale, the executive directly owned 211,619 shares in the company, valued at $71,180,166.84. This represents a 0.36% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,246,429 shares of company stock valued at $396,227,952. Corporate insiders own 4.80% of the company's stock.

Snowflake Company Profile

Snowflake Inc NYSE: SNOW provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake's services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.

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