Snowflake Inc. $SNOW Shares Sold by Parallel Advisors LLC

Key Points

• Parallel Advisors LLC reduced its position in Snowflake Inc. by 10.2%, holding 10,964 shares worth approximately $2.45 million after selling 1,248 shares during the second quarter.
• Several analysts upgraded their ratings for Snowflake, with target prices ranging from $250.00 to $275.00, reflecting a consensus average target of $255.53 and a rating of "Moderate Buy."
• Insider transactions included a significant sale by Director Frank Slootman, who sold 710,083 shares for over $163 million, reducing his ownership by 81.10%.

Parallel Advisors LLC lessened its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 10.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,964 shares of the company's stock after selling 1,248 shares during the period. Parallel Advisors LLC's holdings in Snowflake were worth $2,453,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of SNOW. Opal Wealth Advisors LLC acquired a new position in Snowflake during the 1st quarter valued at about $26,000. CVA Family Office LLC increased its stake in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares during the period. Capital A Wealth Management LLC acquired a new position in Snowflake during the 4th quarter valued at about $31,000. Carolinas Wealth Consulting LLC acquired a new position in Snowflake during the 4th quarter valued at about $32,000. Finally, Golden State Wealth Management LLC increased its stake in Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock valued at $31,000 after buying an additional 187 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on SNOW. Stephens began coverage on shares of Snowflake in a research note on Friday, July 18th. They set an "overweight" rating and a $261.00 target price on the stock. Stifel Nicolaus raised their target price on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. KeyCorp raised their target price on shares of Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Rosenblatt Securities raised their price objective on shares of Snowflake from $210.00 to $250.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Finally, Royal Bank Of Canada raised their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Stock Performance

SNOW stock opened at $216.35 on Wednesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market cap of $73.30 billion, a P/E ratio of -52.13 and a beta of 1.22. The firm has a 50 day simple moving average of $212.69 and a 200 day simple moving average of $189.73. Snowflake Inc. has a 52 week low of $108.71 and a 52 week high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The business 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 quarterly revenue was up 31.8% compared to the same quarter last year. During the same period last year, the company posted $0.18 earnings per share. Research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 3,214,120 shares of company stock worth $717,676,398 over the last 90 days. 6.80% of the stock is currently owned by company insiders.

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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