Resources Management Corp CT ADV Sells 15,597 Shares of Snowflake Inc. $SNOW

Key Points

• Resources Management Corp CT ADV cut its Snowflake stake by 60.9% in the fourth quarter, selling 15,597 shares and leaving it with 10,028 shares worth about $2.2 million.
• Snowflake insiders have also been selling shares, including Director Frank Slootman’s large June sale of 162,924 shares; the article says insiders sold 1.59 million shares worth about $359.4 million in the last quarter.
• Snowflake reported strong quarterly results, with EPS of $0.39 and revenue of $1.39 billion, both above expectations, while analysts remain mostly bullish with a consensus Moderate Buy rating and an average price target of $291.77.

Resources Management Corp CT ADV lessened its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 60.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,028 shares of the company's stock after selling 15,597 shares during the quarter. Resources Management Corp CT ADV's holdings in Snowflake were worth $2,200,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Greenline Wealth Management LLC acquired a new stake in Snowflake in the 4th quarter worth $29,000. GoalVest Advisory LLC grew its position in Snowflake by 221.4% in the 4th quarter. GoalVest Advisory LLC now owns 135 shares of the company's stock worth $30,000 after purchasing an additional 93 shares during the last quarter. Physician Wealth Advisors Inc. grew its position in Snowflake by 56.0% in the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after purchasing an additional 51 shares during the last quarter. HHM Wealth Advisors LLC grew its position in Snowflake by 50.0% in the 4th quarter. HHM Wealth Advisors LLC now owns 150 shares of the company's stock worth $33,000 after purchasing an additional 50 shares during the last quarter. Finally, Ameriflex Group Inc. grew its position in Snowflake by 252.2% in the 3rd quarter. Ameriflex Group Inc. now owns 162 shares of the company's stock worth $37,000 after purchasing an additional 116 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $245.21, for a total value of $98,819.63. Following the completion of the sale, the director owned 22,106 shares in the company, valued at $5,420,612.26. The trade was a 1.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 162,924 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $263.70, for a total transaction of $42,963,058.80. Following the completion of the transaction, the director directly owned 38,046 shares in the company, valued at approximately $10,032,730.20. This represents a 81.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 1,589,550 shares of company stock worth $359,438,410. 4.80% of the stock is owned by corporate insiders.

Snowflake Stock Down 0.2%

Snowflake stock opened at $232.38 on Monday. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99. The company has a 50 day moving average of $173.64 and a 200-day moving average of $189.84. The stock has a market capitalization of $80.54 billion, a PE ratio of -66.02 and a beta of 1.35. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18.

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

Analysts Set New Price Targets

Several analysts have issued reports on the stock. UBS Group set a $320.00 price target on shares of Snowflake in a research report on Wednesday, June 3rd. TD Cowen reiterated a "buy" rating and set a $300.00 target price on shares of Snowflake in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. boosted their price target on shares of Snowflake from $245.00 to $285.00 and gave the company an "overweight" rating in a research report on Thursday, May 28th. Zacks Research upgraded shares of Snowflake from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. Finally, BTIG Research boosted their target price on shares of Snowflake from $280.00 to $325.00 and gave the stock a "buy" rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $291.77.

About Snowflake

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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