GMT Capital Corp Has $2.30 Million Stock Holdings in Snowflake Inc. $SNOW

Key Points

• GMT Capital Corp reduced its stake in Snowflake Inc. by 28.6%, holding 15,700 shares valued at approximately $2.3 million after selling 6,300 shares in the first quarter.
• Insider Frank Slootman sold 710,083 shares of Snowflake stock, marking an 81.10% decrease in his ownership, with total sales of 3,226,909 shares by insiders in the last quarter.
• Snowflake's stock has a strong analyst sentiment, with numerous upgrades leading to a consensus price target of $255.53 and a current stock price around $238.69.

GMT Capital Corp decreased its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 28.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,700 shares of the company's stock after selling 6,300 shares during the quarter. GMT Capital Corp's holdings in Snowflake were worth $2,295,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in Snowflake in the 1st quarter worth approximately $26,000. CVA Family Office LLC raised its holdings in shares of 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 purchasing an additional 88 shares in the last quarter. West Paces Advisors Inc. bought a new position in shares of Snowflake during the 4th quarter valued at $31,000. Spurstone Advisory Services LLC bought a new position in shares of Snowflake during the 4th quarter valued at $31,000. Finally, Capital A Wealth Management LLC bought a new position in shares of Snowflake during the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SNOW. CICC Research began coverage on shares of Snowflake in a report on Friday, June 20th. They issued an "outperform" rating and a $225.00 target price on the stock. Wedbush lifted their target price on shares of Snowflake from $230.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Loop Capital raised their price target on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Barclays upped their target price on shares of Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, Citigroup reiterated an "outperform" rating on shares of Snowflake in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and an average target price of $255.53.

Snowflake Stock Down 4.3%

SNOW traded down $9.86 during trading hours on Thursday, hitting $219.47. 6,799,972 shares of the company's stock were exchanged, compared to its average volume of 5,365,354. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $249.99. The stock's 50-day moving average is $212.27 and its two-hundred day moving average is $186.83. The stock has a market cap of $73.27 billion, a price-to-earnings ratio of -52.85 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, 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 41.42%. The firm's revenue was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the company 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 related news, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president directly owned 537,336 shares of the company's stock, valued at approximately $116,064,576. This trade represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $208.69, for a total transaction of $84,102.07. Following the transaction, the director directly owned 26,136 shares in the company, valued at approximately $5,454,321.84. This represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,216,909 shares of company stock worth $717,287,181. 6.80% of the stock is owned by corporate insiders.

About Snowflake

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.