Snowflake Inc. $SNOW Stock Position Cut by Bourgeon Capital Management LLC

Key Points

• Bourgeon Capital Management LLC reduced its stake in Snowflake Inc. by 10.5% in Q2, owning 33,952 shares valued at approximately $7.6 million after selling 3,971 shares during the period.
• Snowflake's stock has received multiple upgrades from analysts, with price targets ranging from $240 to $285, and an average target of $255.53, indicating strong market interest.
• Insider selling has been significant, with Director Frank Slootman selling over 710,000 shares recently, representing an 81.1% decrease in their ownership, while insiders have collectively sold nearly 1.95 million shares in the last 90 days.

Bourgeon Capital Management LLC lessened its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 10.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,952 shares of the company's stock after selling 3,971 shares during the period. Bourgeon Capital Management LLC's holdings in Snowflake were worth $7,597,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Opal Wealth Advisors LLC bought a new position in Snowflake in the 1st quarter valued at about $26,000. CVA Family Office LLC grew its position in Snowflake by 80.0% in 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 in the last quarter. Golden State Wealth Management LLC grew its position in Snowflake by 748.0% in 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 in the last quarter. Tradewinds Capital Management LLC grew its position in Snowflake by 53.1% in the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock valued at $36,000 after buying an additional 85 shares in the last quarter. Finally, CX Institutional bought a new position in Snowflake in the 1st quarter valued at about $42,000. Institutional investors own 65.10% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Bank of America raised shares of Snowflake from a "neutral" rating to a "buy" rating and upped their price target for the company from $220.00 to $240.00 in a report on Wednesday, August 20th. BTIG Research upped their price target on shares of Snowflake from $235.00 to $276.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Wedbush upped their price target on shares of Snowflake from $230.00 to $250.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. CICC Research started coverage on shares of Snowflake in a report on Friday, June 20th. They issued an "outperform" rating and a $225.00 price target for the company. Finally, Piper Sandler upped their price objective on shares of Snowflake from $215.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Trading Up 0.5%

NYSE:SNOW opened at $225.76 on Tuesday. The stock's 50 day moving average price is $214.49 and its 200 day moving average price is $194.01. Snowflake Inc. has a 52 week low of $108.71 and a 52 week high of $249.99. The company has a market capitalization of $76.49 billion, a P/E ratio of -54.40 and a beta of 1.22. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the company posted $0.18 earnings per share. The firm's revenue was up 31.8% on a year-over-year basis. On average, research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was 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 in the company, valued at $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $208.69, for a total value of $10,505,037.22. Following the transaction, the director owned 36,116 shares in the company, valued at approximately $7,537,048.04. This trade represents a 58.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,947,739 shares of company stock worth $438,614,781 over the last 90 days. Insiders own 6.80% of the company's stock.

Snowflake Company 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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