Snowflake Inc. $SNOW Shares Sold by Grassi Investment Management

Key Points

• Grassi Investment Management has reduced its stake in Snowflake Inc. by 46.5%, selling 37,800 shares and retaining 43,450 shares valued at approximately $9.72 million.
• Snowflake reported quarterly earnings of $0.35 per share, exceeding analysts' expectations, with revenue reaching $1.14 billion, a 31.8% year-over-year increase.
• Institutional investors now own 65.10% of Snowflake's stock, with several funds purchasing new positions in the company during the second quarter.

Grassi Investment Management reduced its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 46.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,450 shares of the company's stock after selling 37,800 shares during the quarter. Grassi Investment Management's holdings in Snowflake were worth $9,723,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortis Capital Advisors LLC purchased a new position in shares of Snowflake in the second quarter worth $967,000. Fairvoy Private Wealth LLC purchased a new position in Snowflake in the 2nd quarter worth $1,040,000. Ameritas Advisory Services LLC purchased a new position in Snowflake in the 2nd quarter worth $84,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Snowflake in the 2nd quarter worth $224,000. Finally, HighMark Wealth Management LLC raised its stake in Snowflake by 200.0% in the 2nd quarter. HighMark Wealth Management LLC now owns 225 shares of the company's stock worth $50,000 after acquiring an additional 150 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Price Performance

Shares of Snowflake stock opened at $235.42 on Friday. The firm has a market cap of $79.76 billion, a PE ratio of -56.73 and a beta of 1.21. Snowflake Inc. has a twelve month low of $111.15 and a twelve month high of $249.99. The business has a 50-day moving average price of $215.94 and a 200 day moving average price of $195.62. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

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

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the company's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $223.88, for a total value of $2,238,800.00. Following the completion of the sale, the executive vice president directly owned 532,450 shares in the company, valued at $119,204,906. This represents a 1.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $224.84, for a total value of $90,610.52. Following the completion of the sale, the director owned 25,733 shares of the company's stock, valued at approximately $5,785,807.72. The trade was a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,601,630 shares of company stock worth $362,990,571 in the last 90 days. 6.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SNOW has been the subject of several research analyst reports. Macquarie raised their price objective on Snowflake from $210.00 to $235.00 and gave the stock a "neutral" rating in a research note on Thursday, August 28th. Wells Fargo & Company started coverage on shares of Snowflake in a research report on Tuesday. They set an "overweight" rating and a $275.00 price target for the company. Wedbush raised their price target on shares of Snowflake from $230.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Mizuho raised their price target on shares of Snowflake from $235.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Finally, BTIG Research raised their target price on shares of Snowflake from $235.00 to $276.00 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 issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and an average price target of $255.53.

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.

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.