Stanley Laman Group Ltd. Cuts Holdings in Snowflake Inc. $SNOW

Key Points

• Stanley Laman Group Ltd. reduced its holdings in Snowflake Inc. by 54.5% during Q2, selling over 31,000 shares, and now owns around 0.9% of the company's stock, valued at approximately $5.8 million.
• Snowflake reported a 31.8% increase in quarterly revenue year-over-year, totaling $1.14 billion, and earnings per share (EPS) of $0.35, surpassing estimates.
• Several institutional investors have recently altered their positions in Snowflake, with notable increases from Golden State Wealth Management and HighMark Wealth Management, further contributing to an ownership rate of 65.10% by hedge funds and institutional investors.

Stanley Laman Group Ltd. decreased its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 54.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,935 shares of the company's stock after selling 31,111 shares during the period. Snowflake makes up approximately 0.9% of Stanley Laman Group Ltd.'s investment portfolio, making the stock its 27th biggest position. Stanley Laman Group Ltd.'s holdings in Snowflake were worth $5,803,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Trust Co. of Toledo NA OH purchased a new position in shares of Snowflake during the second quarter valued at about $25,000. Golden State Wealth Management LLC grew 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 purchasing an additional 187 shares in the last quarter. HighMark Wealth Management LLC grew its position in shares of Snowflake by 200.0% during the second quarter. HighMark Wealth Management LLC now owns 225 shares of the company's stock valued at $50,000 after purchasing an additional 150 shares in the last quarter. Raleigh Capital Management Inc. purchased a new position in shares of Snowflake during the second quarter valued at about $53,000. Finally, Hilltop National Bank purchased a new position in shares of Snowflake during the second quarter valued at about $53,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Stock Up 0.3%

Shares of NYSE SNOW opened at $240.68 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The company has a market cap of $81.54 billion, a P/E ratio of -58.00 and a beta of 1.21. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $255.39. The firm has a 50-day simple moving average of $222.38 and a two-hundred day simple moving average of $201.63.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (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 the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm's quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 earnings per share. Research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 7,551 shares of the firm's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total value of $1,670,583.24. Following the completion of the sale, the director owned 153,226 shares of the company's stock, valued at $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael L. Speiser sold 2,976 shares of the firm's stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $236.01, for a total transaction of $702,365.76. Following the completion of the sale, the director directly owned 34,436 shares of the company's stock, valued at approximately $8,127,240.36. The trade was a 7.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,182,434 shares of company stock valued at $270,280,661 over the last quarter. Corporate insiders own 6.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SNOW shares. Citigroup restated an "outperform" rating on shares of Snowflake in a research report on Thursday, August 28th. Truist Financial increased their price target on shares of Snowflake from $235.00 to $270.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Scotiabank increased their price target on shares of Snowflake from $230.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Wedbush increased 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. Finally, JPMorgan Chase & Co. increased their price target on shares of Snowflake from $225.00 to $255.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and a consensus price target of $256.71.

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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