Prakash Investment Advisors LLC Reduces Holdings in Snowflake Inc. (NYSE:SNOW)

Prakash Investment Advisors LLC trimmed its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 41.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,810 shares of the company's stock after selling 1,300 shares during the period. Prakash Investment Advisors LLC's holdings in Snowflake were worth $265,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Snowflake in the 4th quarter valued at $988,950,000. FMR LLC grew its position in Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after purchasing an additional 2,805,425 shares during the last quarter. GQG Partners LLC purchased a new position in Snowflake during the 4th quarter worth $750,572,000. Geode Capital Management LLC grew its position in Snowflake by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company's stock worth $642,742,000 after purchasing an additional 15,314 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Snowflake by 124.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after purchasing an additional 2,200,406 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Needham & Company LLC reissued a "buy" rating and set a $230.00 price objective on shares of Snowflake in a research report on Thursday, June 5th. Monness Crespi & Hardt raised their price objective on shares of Snowflake from $230.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Stifel Nicolaus raised their price objective on shares of Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. HSBC downgraded shares of Snowflake from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Daiwa Capital Markets assumed coverage on shares of Snowflake in a research report on Tuesday, April 1st. They set a "buy" rating and a $210.00 price objective on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $225.22.

Snowflake Stock Performance

Shares of SNOW opened at $222.45 on Friday. 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 cap of $74.27 billion, a P/E ratio of -52.84 and a beta of 1.21. The company has a 50-day moving average of $190.70 and a two-hundred day moving average of $173.42. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $225.68.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the firm earned $0.14 earnings per share. Snowflake's revenue was up 25.8% compared to the same quarter last year. As a group, research analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity at Snowflake

In other news, CAO Emily Ho sold 1,544 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $220.98, for a total transaction of $341,193.12. Following the transaction, the chief accounting officer now directly owns 35,100 shares of the company's stock, valued at approximately $7,756,398. The trade was a 4.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 5,000 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $225.00, for a total transaction of $1,125,000.00. Following the transaction, the executive vice president now directly owns 48,568 shares in the company, valued at approximately $10,927,800. The trade was a 9.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 622,903 shares of company stock worth $127,235,701. 6.80% of the stock is owned by company insiders.

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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