Russell Investments Group Ltd. Lowers Holdings in Snowflake Inc. $SNOW

Key Points

• Russell Investments Group Ltd. significantly reduced its stake in Snowflake Inc. by 63.8%, now holding 72,755 shares valued at approximately $10.67 million.
• Several other institutional investors, including Quarry LP and Ignite Planners LLC, have increased their positions in Snowflake over the past quarters.
• Snowflake's stock currently has a market cap of $66.12 billion and reported earnings per share of $0.24, exceeding analysts' estimates for the last quarter.

Russell Investments Group Ltd. reduced its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 63.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,755 shares of the company's stock after selling 128,065 shares during the quarter. Russell Investments Group Ltd.'s holdings in Snowflake were worth $10,670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP increased its holdings in Snowflake by 9.8% in the 4th quarter. Quarry LP now owns 662 shares of the company's stock valued at $102,000 after acquiring an additional 59 shares during the last quarter. Ignite Planners LLC boosted its stake in Snowflake by 2.3% during the first quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after buying an additional 64 shares during the last quarter. Gabelli Funds LLC grew its holdings in Snowflake by 3.3% during the 4th quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock valued at $317,000 after buying an additional 65 shares in the last quarter. Archford Capital Strategies LLC increased its stake in Snowflake by 1.9% in the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock worth $527,000 after acquiring an additional 68 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its stake in Snowflake by 8.9% in the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock worth $122,000 after acquiring an additional 68 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Insider Activity

In other news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $216.00, for a total value of $2,160,000.00. Following the transaction, the executive vice president owned 537,336 shares of the company's stock, valued at $116,064,576. The trade was a 1.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Teresa Briggs sold 1,146 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total transaction of $249,530.04. Following the sale, the director directly owned 4,474 shares of the company's stock, valued at $974,168.76. The trade was a 20.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,014,642 shares of company stock valued at $657,325,186 over the last 90 days. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Stock Down 0.5%

Shares of NYSE SNOW opened at $198.04 on Tuesday. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $229.27. The stock's fifty day simple moving average is $212.25 and its two-hundred day simple moving average is $184.68. The stock has a market capitalization of $66.12 billion, a PE ratio of -47.04 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

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

Analyst Ratings Changes

A number of research analysts have recently commented on SNOW shares. Sanford C. Bernstein reiterated a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. CICC Research started coverage on shares of Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 price objective for the company. Bank of America lifted their price objective on shares of Snowflake from $172.00 to $220.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Cowen restated a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Loop Capital lifted their price target on Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $226.32.

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.

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