Snowflake Inc. $SNOW Stock Sold by Avestar Capital LLC

Key Points

• Avestar Capital cut its Snowflake stake by 80.7% in the third quarter, selling 5,369 shares and retaining 1,280 shares valued at approximately $435,000. Institutional investors collectively own 65.1% of Snowflake.
• Analysts remain broadly bullish: 36 rate Snowflake a Buy, five a Hold and one a Sell, producing a consensus “Moderate Buy” rating and an average price target of $413.87.
• Snowflake reported quarterly revenue of $1.55 billion, up 35.1% year over year and above estimates, while adjusted earnings of $0.62 per share exceeded the $0.45 consensus forecast. Insiders sold $396.9 million worth of shares over the past 90 days.

Avestar Capital LLC cut its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 80.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,280 shares of the company's stock after selling 5,369 shares during the period. Avestar Capital LLC's holdings in Snowflake were worth $435,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC raised its holdings in shares of Snowflake by 22.2% during the first quarter. Janus Henderson Group PLC now owns 2,997,385 shares of the company's stock valued at $452,014,000 after acquiring an additional 544,960 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Snowflake by 134.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 790,291 shares of the company's stock worth $268,351,000 after purchasing an additional 453,342 shares during the last quarter. Swedbank AB lifted its stake in Snowflake by 24.0% in the 1st quarter. Swedbank AB now owns 1,649,771 shares of the company's stock worth $248,818,000 after acquiring an additional 319,356 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in Snowflake by 76.9% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company's stock valued at $176,736,000 after purchasing an additional 509,230 shares during the last quarter. Finally, National Pension Service boosted its position in Snowflake by 3.3% in the 2nd quarter. National Pension Service now owns 690,349 shares of the company's stock valued at $175,694,000 after buying an additional 21,915 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SNOW shares. Piper Sandler reissued an "overweight" rating and set a $450.00 target price (up from $320.00) on shares of Snowflake in a report on Thursday, September 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Snowflake from $285.00 to $426.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. Citizens Jmp boosted their target price on shares of Snowflake from $408.00 to $488.00 and gave the stock a "market outperform" rating in a research note on Thursday, September 3rd. Jefferies Financial Group set a $430.00 target price on Snowflake and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Finally, Wells Fargo & Company boosted their price target on Snowflake from $500.00 to $525.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. Thirty-six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Snowflake currently has a consensus rating of "Moderate Buy" and an average price target of $413.87.

Snowflake Stock Down 0.4%

NYSE SNOW opened at $304.86 on Monday. The stock has a market capitalization of $107.55 billion, a PE ratio of -95.87 and a beta of 1.32. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.94 and a quick ratio of 0.94. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $384.56. The business has a fifty day moving average price of $331.88 and a two-hundred day moving average price of $239.75.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the company earned $0.35 earnings per share. Snowflake's revenue was up 35.1% compared to the same quarter last year. Equities analysts expect that Snowflake Inc. will post -1.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, CAO Emily Ho sold 768 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $332.93, for a total transaction of $255,690.24. Following the transaction, the chief accounting officer owned 39,958 shares of the company's stock, valued at $13,303,216.94. This represents a 1.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Frank Slootman sold 300,000 shares of Snowflake stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $316.43, for a total value of $94,929,000.00. Following the sale, the director directly owned 19,024 shares in the company, valued at approximately $6,019,764.32. This trade represents a 94.04% decrease in their position. 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. Insiders sold 1,206,443 shares of company stock valued at $396,866,828 in the last 90 days. 4.80% of the stock is currently owned by insiders.

Snowflake 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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