Sowell Financial Services LLC Sells 1,646 Shares of Snowflake Inc. $SNOW

Key Points

• Sowell Financial Services LLC reduced its holdings in Snowflake Inc. by 50%, selling 1,646 shares and now owning 1,644 shares valued at approximately $368,000.
• Recent earnings reports indicated that Snowflake beat analysts' expectations with $1.14 billion in revenue, marking a 31.8% year-over-year increase.
• Insider trading activity has been significant, with directors selling over 2.4 million shares in the last ninety days, indicating a trend of reduced ownership among insiders.

Sowell Financial Services LLC decreased its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 50.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,644 shares of the company's stock after selling 1,646 shares during the period. Sowell Financial Services LLC's holdings in Snowflake were worth $368,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new position in Snowflake in the 1st quarter worth approximately $26,000. CVA Family Office LLC grew its holdings in 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 buying an additional 88 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of Snowflake by 748.0% during the first 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 during the last quarter. Tradewinds Capital Management LLC lifted its holdings in shares of Snowflake by 53.1% in the first quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock worth $36,000 after buying an additional 85 shares in the last quarter. Finally, CX Institutional purchased a new position in shares of Snowflake in the first quarter worth $42,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Trading Down 0.4%

Shares of NYSE SNOW opened at $221.74 on Friday. The business's 50 day moving average is $214.13 and its two-hundred day moving average is $192.43. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a 1-year low of $108.71 and a 1-year high of $249.99. The stock has a market capitalization of $75.12 billion, a P/E ratio of -53.43 and a beta of 1.22.

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

Analyst Ratings Changes

SNOW has been the subject of several research analyst reports. Jefferies Financial Group raised their target price on shares of Snowflake from $250.00 to $270.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Morgan Stanley raised their price objective on Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Sanford C. Bernstein lifted their target price on Snowflake from $191.00 to $221.00 and gave the stock a "market perform" rating in a report on Thursday, August 28th. Rosenblatt Securities increased their price target on Snowflake from $210.00 to $250.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Finally, Monness Crespi & Hardt raised their price target on Snowflake from $245.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $255.53.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $221.47, for a total transaction of $11,148,356.86. Following the transaction, the director owned 36,956 shares in the company, valued at $8,184,645.32. The trade was a 57.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 710,083 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the sale, the director directly owned 165,507 shares in the company, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,467,638 shares of company stock valued at $552,997,570 over the last ninety days. 6.80% of the stock is owned by insiders.

Snowflake 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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