Snowflake Inc. $SNOW Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its stake in Snowflake Inc. by 52.5%, holding now 382,774 shares valued at approximately $55.9 million after selling 423,086 shares in the first quarter.
• Several hedge funds increased their positions in Snowflake, with Fox Run Management L.L.C. growing its stake by 135.9%, now owning 7,005 shares valued at about $1.02 million.
• Snowflake's recent financial performance included a reported 24 cents per share earnings, exceeding expectations, as well as a 25.8% year-over-year revenue increase of $1.04 billion.

Raymond James Financial Inc. decreased its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 52.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 382,774 shares of the company's stock after selling 423,086 shares during the period. Raymond James Financial Inc. owned 0.12% of Snowflake worth $55,946,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Ethic Inc. grew its stake in shares of Snowflake by 10.0% in the 1st quarter. Ethic Inc. now owns 27,294 shares of the company's stock valued at $4,082,000 after buying an additional 2,472 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Snowflake by 29.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 5,786 shares of the company's stock valued at $846,000 after buying an additional 1,314 shares during the period. Aberdeen Group plc grew its stake in shares of Snowflake by 4.7% in the 1st quarter. Aberdeen Group plc now owns 57,128 shares of the company's stock valued at $8,350,000 after buying an additional 2,549 shares during the period. Fox Run Management L.L.C. grew its stake in shares of Snowflake by 135.9% in the 1st quarter. Fox Run Management L.L.C. now owns 7,005 shares of the company's stock valued at $1,024,000 after buying an additional 4,035 shares during the period. Finally, Kovitz Investment Group Partners LLC grew its stake in shares of Snowflake by 73.9% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 3,924 shares of the company's stock valued at $573,000 after buying an additional 1,668 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $216.00, for a total transaction of $2,160,000.00. Following the sale, the executive vice president directly owned 537,336 shares of the company's stock, valued at $116,064,576. This represents a 1.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 256,046 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $227.15, for a total transaction of $58,160,848.90. Following the sale, the director directly owned 165,507 shares in the company, valued at approximately $37,594,915.05. The trade was a 60.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,916,826 shares of company stock valued at $637,835,052 in the last 90 days. Corporate insiders own 6.80% of the company's stock.

Snowflake Price Performance

Shares of SNOW opened at $194.7610 on Friday. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $229.27. The firm's 50 day moving average price is $211.34 and its 200 day moving average price is $184.88. The company has a market cap of $65.02 billion, a P/E ratio of -46.26 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94.

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SNOW shares. Evercore ISI reissued a "buy" rating on shares of Snowflake in a research note on Wednesday, June 4th. HSBC lowered shares of Snowflake from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Wells Fargo & Company restated an "overweight" rating and issued a $250.00 price objective (up from $225.00) on shares of Snowflake in a report on Friday, June 13th. Hsbc Global Res lowered shares of Snowflake from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Finally, Barclays restated an "overweight" rating and issued a $219.00 price objective (up from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. Three analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $226.86.

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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