Snowflake Inc. $SNOW Stake Decreased by IFP Advisors Inc

Key Points

• IFP Advisors cut its Snowflake stake by 17.2% in the third quarter, selling 3,427 shares and retaining 16,551 shares valued at approximately $5.62 million. Institutional investors collectively own 65.10% of the company.
• Analyst sentiment remains favorable, with 35 Buy ratings, five Holds and one Sell. Snowflake has a consensus rating of “Moderate Buy” and an average price target of $414.24.
• Snowflake reported quarterly earnings of $0.62 per share, exceeding the $0.45 consensus estimate, while revenue reached $1.55 billion, up 35.1% year over year. Insiders sold approximately $316.7 million of stock over the prior 90 days.

IFP Advisors Inc reduced its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 17.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,551 shares of the company's stock after selling 3,427 shares during the quarter. IFP Advisors Inc's holdings in Snowflake were worth $5,620,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Nvwm LLC increased its holdings in Snowflake by 0.6% in the 3rd quarter. Nvwm LLC now owns 6,215 shares of the company's stock worth $2,110,000 after purchasing an additional 37 shares in the last quarter. Myecfo LLC boosted its stake in shares of Snowflake by 4.1% during the third quarter. Myecfo LLC now owns 968 shares of the company's stock valued at $329,000 after purchasing an additional 38 shares in the last quarter. Fermata Advisors LLC grew its holdings in shares of Snowflake by 4.9% during the third quarter. Fermata Advisors LLC now owns 893 shares of the company's stock worth $303,000 after purchasing an additional 42 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Snowflake by 15.6% during the second quarter. Parkside Financial Bank & Trust now owns 334 shares of the company's stock worth $85,000 after purchasing an additional 45 shares during the last quarter. Finally, Tsfg LLC increased its stake in shares of Snowflake by 27.8% in the second quarter. Tsfg LLC now owns 230 shares of the company's stock valued at $59,000 after buying an additional 50 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Guggenheim reiterated a "neutral" rating on shares of Snowflake in a report on Thursday, September 3rd. Evercore reissued an "outperform" rating and set a $430.00 target price on shares of Snowflake in a report on Thursday, September 3rd. Needham & Company LLC restated a "buy" rating and issued a $450.00 price target on shares of Snowflake in a research report on Monday, October 12th. Morgan Stanley raised their price target on shares of Snowflake from $300.00 to $470.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Snowflake from $285.00 to $426.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Thirty-five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $414.24.

Snowflake Trading Down 0.1%

NYSE:SNOW opened at $306.50 on Monday. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $384.56. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.94 and a current ratio of 0.94. The firm's fifty day moving average is $333.25 and its 200-day moving average is $255.61. The firm has a market cap of $108.13 billion, a P/E ratio of -96.38 and a beta of 1.35.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.17. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.48 billion. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. Snowflake's quarterly revenue was up 35.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 earnings per share. Equities analysts expect that Snowflake Inc. will post -1.44 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In other Snowflake news, CAO Emily Ho sold 768 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $332.93, for a total transaction of $255,690.24. Following the completion of the sale, the chief accounting officer directly owned 39,958 shares in the company, valued at approximately $13,303,216.94. This trade represents a 1.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Frank Slootman sold 102,791 shares of the stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $335.22, for a total value of $34,457,599.02. Following the sale, the director owned 19,024 shares of the company's stock, valued at approximately $6,377,225.28. The trade was a 84.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 956,744 shares of company stock valued at $316,741,285. 4.80% of the stock is owned by corporate insiders.

Snowflake Company Profile

Snowflake Inc is a cloud-based data platform company that helps organizations store, process, analyze and share data across public cloud environments. Its platform is designed to support data warehousing, data lakes, data engineering, data applications and analytics without requiring customers to manage the underlying hardware or software infrastructure.

Snowflake offers services for data sharing and collaboration, allowing organizations to securely exchange data with internal teams, customers, partners and third-party providers.

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