Snowflake Inc. $SNOW Shares Sold by Wealthfront Advisers LLC

Key Points

• Wealthfront Advisers LLC cut its Snowflake stake by 30.1% in the first quarter, selling 7,074 shares and leaving it with 16,394 shares valued at about $2.47 million.
• Several analysts remain constructive on Snowflake, with recent targets ranging from $285 to $325 and an overall consensus rating of Moderate Buy with an average price target of $296.27.
• Insider selling has also been notable: director Michael L. Speiser and CAO Emily Ho sold shares recently, and insiders have sold 1.8 million shares worth about $421.7 million over the last 90 days.

Wealthfront Advisers LLC lowered its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 30.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,394 shares of the company's stock after selling 7,074 shares during the quarter. Wealthfront Advisers LLC's holdings in Snowflake were worth $2,473,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Assetmark Inc. raised its holdings in Snowflake by 99.1% during the fourth quarter. Assetmark Inc. now owns 198,655 shares of the company's stock valued at $43,577,000 after buying an additional 98,870 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock worth $2,545,300,000 after acquiring an additional 2,519,413 shares in the last quarter. Swedbank AB boosted its stake in shares of Snowflake by 6.0% during the 4th quarter. Swedbank AB now owns 1,330,415 shares of the company's stock worth $291,840,000 after acquiring an additional 75,419 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Snowflake by 8.2% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 144,234 shares of the company's stock valued at $31,639,000 after acquiring an additional 10,972 shares during the last quarter. Finally, Cache Advisors LLC increased its holdings in shares of Snowflake by 175.0% during the 4th quarter. Cache Advisors LLC now owns 11,132 shares of the company's stock valued at $2,442,000 after acquiring an additional 7,084 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Barclays boosted their target price on Snowflake from $272.00 to $285.00 and gave the stock an "equal weight" rating in a report on Thursday, June 4th. Citizens Jmp reissued a "market outperform" rating and issued a $325.00 price target on shares of Snowflake in a research report on Tuesday, May 19th. TD Cowen reissued a "buy" rating and issued a $300.00 price target on shares of Snowflake in a research report on Wednesday, June 3rd. Truist Financial boosted their price objective on shares of Snowflake from $275.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Finally, UBS Group reaffirmed a "buy" rating on shares of Snowflake in a report on Monday, June 22nd. Thirty-four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $296.27.

Insider Buying and Selling

In other news, Director Michael L. Speiser sold 840 shares of the business's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $257.91, for a total transaction of $216,644.40. Following the transaction, the director owned 26,876 shares in the company, valued at approximately $6,931,589.16. The trade was a 3.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Emily Ho sold 1,860 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $232.25, for a total transaction of $431,985.00. Following the completion of the sale, the chief accounting officer owned 41,283 shares of the company's stock, valued at approximately $9,587,976.75. The trade was a 4.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,802,015 shares of company stock worth $421,739,629. 4.80% of the stock is currently owned by corporate insiders.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $274.92 on Tuesday. The company has a market cap of $95.29 billion, a price-to-earnings ratio of -78.10 and a beta of 1.35. The business has a 50 day moving average price of $229.90 and a 200 day moving average price of $193.81. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the business posted $0.24 EPS. The company's revenue for the quarter was up 33.5% on a year-over-year basis. Research analysts predict that Snowflake Inc. will post -1.84 earnings per share for the current year.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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