Snowflake Inc. (NYSE:SNOW) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. significantly reduced its stake in Snowflake Inc. by 81.3% during the first quarter, selling 33,616 shares and ending with 7,756 shares valued at approximately $1.13 million.
• Several institutional investors made notable increases in their positions in Snowflake, with FMR LLC boosting its stake by 84.9%, now owning over 6 million shares worth nearly $943 million.
• Insider transactions include Director Frank Slootman selling over 100,000 shares for approximately $22.46 million, resulting in a 37.78% decrease in his holdings.

Pacer Advisors Inc. lowered its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 81.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,756 shares of the company's stock after selling 33,616 shares during the quarter. Pacer Advisors Inc.'s holdings in Snowflake were worth $1,134,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Opal Wealth Advisors LLC purchased a new position in shares of Snowflake in the 1st quarter valued at $26,000. CVA Family Office LLC boosted its position in shares of Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares in the last quarter. West Paces Advisors Inc. acquired a new stake in shares of Snowflake in the 4th quarter worth $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Snowflake in the 4th quarter worth $31,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Snowflake in the 4th quarter worth $31,000. Institutional investors own 65.10% of the company's stock.

Analysts Set New Price Targets

SNOW has been the subject of a number of recent analyst reports. JMP Securities raised their price objective on Snowflake from $245.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Friday, July 18th. Barclays reissued an "overweight" rating and issued a $219.00 price objective (up previously from $203.00) on shares of Snowflake in a research report on Thursday, May 22nd. Royal Bank Of Canada raised their price objective on Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Sanford C. Bernstein reissued a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Jefferies Financial Group lifted their price target on Snowflake from $220.00 to $250.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $226.73.

Insider Transactions at Snowflake

In other news, Director Teresa Briggs sold 1,146 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total transaction of $249,530.04. Following the transaction, the director directly owned 4,474 shares in the company, valued at $974,168.76. The trade was a 20.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frank Slootman sold 100,483 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $223.55, for a total value of $22,462,974.65. Following the transaction, the director owned 165,507 shares in the company, valued at approximately $36,999,089.85. This represents a 37.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,697,855 shares of company stock valued at $586,415,198 in the last 90 days. Corporate insiders own 6.80% of the company's stock.

Snowflake Price Performance

NYSE:SNOW traded down $18.43 during trading hours on Friday, hitting $205.07. 8,572,486 shares of the stock were exchanged, compared to its average volume of 3,088,446. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $229.27. The firm's fifty day moving average price is $213.88 and its 200 day moving average price is $182.72. 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 company has a market cap of $68.46 billion, a P/E ratio of -48.71 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $1.01 billion. During the same period in the previous year, the business earned $0.14 EPS. Snowflake's quarterly revenue was up 25.8% on a year-over-year basis. As a group, equities research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Snowflake Company 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.