Principal Financial Group Inc. Trims Stake in Snowflake Inc. (NYSE:SNOW)

Principal Financial Group Inc. lowered its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 20.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 87,224 shares of the company's stock after selling 22,006 shares during the period. Principal Financial Group Inc.'s holdings in Snowflake were worth $12,749,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of SNOW. ORG Wealth Partners LLC purchased a new position in Snowflake during the 1st quarter valued at about $898,000. Deutsche Bank AG increased its holdings in Snowflake by 26.0% during the 4th quarter. Deutsche Bank AG now owns 922,953 shares of the company's stock valued at $142,513,000 after purchasing an additional 190,583 shares during the period. Artemis Investment Management LLP purchased a new position in Snowflake during the 1st quarter valued at about $9,090,000. Ardmore Road Asset Management LP purchased a new position in Snowflake during the 4th quarter valued at about $18,529,000. Finally, Sequoia Financial Advisors LLC increased its holdings in Snowflake by 413.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 17,546 shares of the company's stock valued at $2,564,000 after purchasing an additional 14,129 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Stock Performance

Shares of NYSE SNOW traded down $3.78 during midday trading on Friday, hitting $210.64. 3,867,733 shares of the stock traded hands, compared to its average volume of 6,007,748. The firm has a 50-day moving average of $203.53 and a two-hundred day moving average of $177.12. The firm has a market capitalization of $70.33 billion, a P/E ratio of -50.03 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake Inc. has a one year low of $107.13 and a one year high of $226.60.

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

Wall Street Analyst Weigh In

SNOW has been the topic of a number of research analyst reports. Sanford C. Bernstein restated a "market perform" rating on shares of Snowflake in a report on Thursday, May 22nd. Morgan Stanley began coverage on Snowflake in a research report on Tuesday, June 24th. They set an "overweight" rating and a $262.00 price objective on the stock. Daiwa America raised Snowflake to a "strong-buy" rating in a research report on Tuesday, April 1st. Bank of America lifted their price objective on Snowflake from $172.00 to $220.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Finally, UBS Group raised Snowflake from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $210.00 to $265.00 in a research report on Wednesday, June 4th. 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 two have issued a strong buy rating to the stock. Based on data from MarketBeat, Snowflake currently has a consensus rating of "Moderate Buy" and an average price target of $225.36.

Insider Activity

In other news, Director Mark Garrett sold 67,000 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $198.98, for a total transaction of $13,331,660.00. Following the transaction, the director directly owned 7,428 shares of the company's stock, valued at $1,478,023.44. This represents a 90.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer directly owned 292,610 shares in the company, valued at $60,090,389.60. The trade was a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,718,258 shares of company stock valued at $589,762,906 in the last ninety days. 6.80% of the stock is currently owned by company insiders.

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.