Snowflake Inc. $SNOW Shares Sold by D.A. Davidson & CO.

Key Points

• D.A. Davidson & CO. reduced its stake in Snowflake Inc. by 2.1% during the second quarter, owning 66,916 shares worth approximately $14.97 million at the end of the reporting period.
• Snowflake Inc. surpassed analyst expectations with earnings of $0.35 per share and revenue of $1.14 billion, reflecting a year-over-year revenue increase of 31.8%.
• Wall Street analysts have generally upgraded their outlook on Snowflake, with several firms increasing their price targets and maintaining a consensus rating of "Moderate Buy."

D.A. Davidson & CO. lessened its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 2.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 66,916 shares of the company's stock after selling 1,408 shares during the quarter. D.A. Davidson & CO.'s holdings in Snowflake were worth $14,974,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Trust Co. of Toledo NA OH acquired a new stake in Snowflake in the second quarter worth about $25,000. Golden State Wealth Management LLC boosted its holdings in Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after acquiring an additional 187 shares in the last quarter. Whittier Trust Co. boosted its holdings in Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company's stock worth $31,000 after acquiring an additional 82 shares in the last quarter. Tradewinds Capital Management LLC boosted its holdings in Snowflake by 53.1% in the first quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock worth $36,000 after acquiring an additional 85 shares in the last quarter. Finally, LGT Financial Advisors LLC acquired a new stake in Snowflake in the second quarter worth about $36,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Trading Down 2.3%

Shares of NYSE:SNOW opened at $241.71 on Thursday. Snowflake Inc. has a 12-month low of $113.23 and a 12-month high of $255.39. The company has a market capitalization of $81.89 billion, a PE ratio of -58.24 and a beta of 1.21. The business has a 50 day moving average of $225.44 and a two-hundred day moving average of $203.78. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the company posted $0.18 earnings per share. Snowflake's revenue for the quarter was up 31.8% on a year-over-year basis. As a group, analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SNOW shares. Bank of America raised Snowflake from a "neutral" rating to a "buy" rating and raised their price target for the stock from $220.00 to $240.00 in a report on Wednesday, August 20th. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Stifel Nicolaus lifted their target price on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Evercore ISI lifted their target price on Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Finally, Monness Crespi & Hardt lifted their target price on Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $257.24.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total value of $2,335,000.00. Following the completion of the transaction, the executive vice president directly owned 527,336 shares of the company's stock, valued at $123,132,956. The trade was a 1.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,182,434 shares of company stock valued at $270,280,661. Insiders own 6.80% of the company's stock.

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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