Paloma Partners Management Co Lowers Stock Holdings in Snowflake Inc. $SNOW

Key Points

• Paloma Partners Management Co reduced its position in Snowflake Inc. by 68.5% during the first quarter, resulting in ownership of 69,710 shares worth approximately $10.19 million.
• Multiple hedge funds have adjusted their holdings in Snowflake, with Brighton Jones LLC increasing its stake by 90% in the fourth quarter, acquiring an additional 29,320 shares.
• Recent analysts' target prices for Snowflake have been raised significantly, with Canaccord Genuity increasing theirs from $220 to $260, indicating a strong interest in the stock's potential.

Paloma Partners Management Co cut its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 68.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,710 shares of the company's stock after selling 151,466 shares during the period. Snowflake comprises 1.3% of Paloma Partners Management Co's portfolio, making the stock its 17th biggest position. Paloma Partners Management Co's holdings in Snowflake were worth $10,189,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SNOW. Goldman Sachs Group Inc. raised its position 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 acquiring an additional 650,775 shares in the last quarter. CenterBook Partners LP purchased a new position in Snowflake during the 1st quarter worth $2,381,000. Berkshire Capital Holdings Inc. grew its stake in Snowflake by 71,500.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock valued at $1,047,000 after purchasing an additional 7,150 shares during the last quarter. Lyell Wealth Management LP grew its stake in Snowflake by 5.1% during the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock valued at $8,870,000 after purchasing an additional 2,955 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in shares of Snowflake in the first quarter worth about $898,000. 65.10% of the stock is owned by institutional investors.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction 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 directly owned 165,507 shares in the company, valued at $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 3,216,909 shares of company stock worth $717,287,181 in the last ninety days. Company insiders own 6.80% of the company's stock.

Wall Street Analyst Weigh In

SNOW has been the subject of a number of research analyst reports. CICC Research initiated coverage on Snowflake in a report on Friday, June 20th. They set an "outperform" rating and a $225.00 target price for the company. Loop Capital increased their target price on Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Macquarie increased their target price on Snowflake from $210.00 to $235.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Piper Sandler increased their target price on Snowflake from $215.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Finally, Morgan Stanley increased their target price on Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $255.53.

Snowflake Trading Down 1.9%

SNOW stock traded down $4.39 during midday trading on Wednesday, hitting $229.21. 6,639,047 shares of the company's stock were exchanged, compared to its average volume of 6,862,595. The business has a 50-day simple moving average of $212.27 and a two-hundred day simple moving average of $186.83. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $76.53 billion, a PE ratio of -55.23 and a beta of 1.22. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $249.99.

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, topping the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The firm's quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 earnings per share. On average, sell-side analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Snowflake Profile

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.