Private Wealth Partners LLC Trims Stock Position in Snowflake Inc. $SNOW

Key Points

• Private Wealth Partners LLC cut its Snowflake stake by 41.2% in the first quarter, selling 4,485 shares and ending with 6,390 shares worth about $964,000.
• Wall Street remains broadly positive on Snowflake, with multiple analysts raising price targets and the stock carrying an average Moderate Buy rating and average target of $293.53.
• Snowflake reported stronger-than-expected quarterly results, posting $0.39 EPS and $1.39 billion in revenue, while insiders have also been selling heavily in recent months.

Private Wealth Partners LLC trimmed its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 41.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 6,390 shares of the company's stock after selling 4,485 shares during the period. Private Wealth Partners LLC's holdings in Snowflake were worth $964,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its position in shares of Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of Snowflake by 24.0% in the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company's stock valued at $1,637,000 after purchasing an additional 2,167 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of Snowflake by 29.7% in the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock valued at $47,000 after purchasing an additional 73 shares during the period. Flow Traders U.S. LLC acquired a new position in shares of Snowflake in the second quarter valued at approximately $221,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Snowflake by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company's stock valued at $5,055,000 after purchasing an additional 1,521 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Scotiabank upped their price objective on Snowflake from $285.00 to $320.00 and gave the stock a "sector outperform" rating in a research report on Monday, June 8th. TD Cowen reiterated a "buy" rating and issued a $300.00 target price on shares of Snowflake in a report on Wednesday, June 3rd. Needham & Company LLC boosted their target price on Snowflake from $300.00 to $330.00 and gave the stock a "buy" rating in a research note on Wednesday, June 3rd. Sanford C. Bernstein boosted their target price on Snowflake from $195.00 to $250.00 and gave the stock a "market perform" rating in a research note on Thursday, May 28th. Finally, Barclays upped their price target on Snowflake from $272.00 to $285.00 and gave the stock an "equal weight" rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $293.53.

Snowflake Price Performance

Shares of SNOW opened at $259.67 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. Snowflake Inc. has a 1-year low of $118.30 and a 1-year high of $284.99. The stock has a market cap of $90.00 billion, a PE ratio of -73.77 and a beta of 1.35. The firm has a fifty day moving average price of $202.78 and a 200 day moving average price of $190.46.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.07. The business had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business's revenue was up 33.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 earnings per share. As a group, sell-side analysts anticipate that Snowflake Inc. will post -1.87 EPS for the current year.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 437,076 shares of Snowflake stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the sale, the director directly owned 38,046 shares in the company, valued at approximately $9,603,951.78. This trade represents a 91.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction on Monday, April 6th. The shares were sold at an average price of $148.21, for a total value of $7,460,594.98. Following the completion of the transaction, the director owned 29,396 shares of the company's stock, valued at approximately $4,356,781.16. This represents a 63.13% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,798,828 shares of company stock worth $415,351,838 in the last three months. Insiders own 4.80% of the company's stock.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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