Ethic Inc. Buys 2,472 Shares of Snowflake Inc. $SNOW

Key Points

• Ethic Inc. increased its stake in Snowflake Inc. by 10.0% in Q1, resulting in 27,294 shares valued at approximately $4.08 million.
• Insider selling included a significant transaction by Director Frank Slootman, who sold 256,046 shares for over $58 million, reducing his holdings by 60.74%.
• Snowflake's stock price has increased by 2.2% recently, with analysts giving it a consensus rating of "Moderate Buy" and an average target price of $226.32.

Ethic Inc. grew its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 10.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,294 shares of the company's stock after purchasing an additional 2,472 shares during the quarter. Ethic Inc.'s holdings in Snowflake were worth $4,082,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SNOW. Brighton Jones LLC grew its position in shares of Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. Gabelli Funds LLC grew its position in Snowflake by 3.3% during the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock worth $317,000 after buying an additional 65 shares in the last quarter. United Capital Financial Advisors LLC grew its position in Snowflake by 22.0% during the fourth quarter. United Capital Financial Advisors LLC now owns 10,294 shares of the company's stock worth $1,590,000 after buying an additional 1,859 shares in the last quarter. NewEdge Advisors LLC grew its position in Snowflake by 30.3% during the fourth quarter. NewEdge Advisors LLC now owns 11,280 shares of the company's stock worth $1,742,000 after buying an additional 2,623 shares in the last quarter. Finally, Zacks Investment Management acquired a new stake in Snowflake during the fourth quarter worth approximately $201,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Analyst Ratings Changes

SNOW has been the topic of a number of analyst reports. Raymond James Financial reissued an "outperform" rating and set a $212.00 price target (up previously from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. UBS Group reduced their price target on Snowflake from $265.00 to $250.00 and set a "buy" rating on the stock in a research report on Wednesday, August 13th. Morgan Stanley initiated coverage on Snowflake in a research report on Tuesday, June 24th. They set an "overweight" rating and a $262.00 price target on the stock. Truist Financial increased their price target on Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Finally, Stephens initiated coverage on Snowflake in a research report on Friday, July 18th. They set an "overweight" rating and a $261.00 price target on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and a consensus price target of $226.32.

Snowflake Price Performance

NYSE SNOW traded down $5.7060 on Tuesday, hitting $192.5340. 3,512,691 shares of the company's stock were exchanged, compared to its average volume of 3,981,377. The stock has a 50-day moving average of $211.94 and a 200-day moving average of $184.73. 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 Inc. has a 52 week low of $107.13 and a 52 week high of $229.27. The stock has a market cap of $64.28 billion, a price-to-earnings ratio of -45.73 and a beta of 1.22.

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

Insiders Place Their Bets

In other news, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the transaction, the chief financial officer directly owned 292,610 shares in the company, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,014,642 shares of company stock valued at $657,325,186 over the last quarter. 6.80% of the stock is owned by corporate 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.