Swedbank AB Trims Holdings in Snowflake Inc. $SNOW

Key Points

• Swedbank AB has reduced its holdings in Snowflake Inc. by 23.2%, now owning about 0.34% of the company, valued at $165.37 million after selling 341,888 shares in the first quarter.
• Despite this reduction, institutional investors maintain significant ownership, holding 65.10% of Snowflake stock, with several firms increasing their stakes recently.
• Snowflake's stock price is currently at $224.82, and the company reported a revenue increase of 31.8% year-over-year, beating analyst expectations for quarterly earnings.

Swedbank AB trimmed its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 23.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,131,457 shares of the company's stock after selling 341,888 shares during the quarter. Swedbank AB owned about 0.34% of Snowflake worth $165,374,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of SNOW. Opal Wealth Advisors LLC purchased a new position in shares of Snowflake in the first quarter worth about $26,000. CVA Family Office LLC raised its stake in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares during the last quarter. Spurstone Advisory Services LLC purchased a new position in shares of Snowflake in the fourth quarter worth about $31,000. Capital A Wealth Management LLC purchased a new position in shares of Snowflake in the fourth quarter worth about $31,000. Finally, Golden State Wealth Management LLC raised its stake in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after purchasing an additional 187 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Down 0.5%

Snowflake stock opened at $224.82 on Friday. The stock has a market capitalization of $75.06 billion, a PE ratio of -54.17 and a beta of 1.22. Snowflake Inc. has a 12 month low of $108.71 and a 12 month high of $249.99. The business has a 50 day simple moving average of $212.83 and a 200-day simple moving average of $188.54. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.58.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 42.98% and a negative net margin of 33.53%.The business's revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 earnings per share. On average, analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Jefferies Financial Group increased their price target on Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Robert W. Baird lifted their price target on Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Wedbush lifted their price target on Snowflake from $230.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. lifted their price target on Snowflake from $225.00 to $255.00 and gave the company 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 research 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 given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $255.53.

Insider Buying and Selling

In related news, Director Frank Slootman sold 1,938 shares of Snowflake stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $223.86, for a total value of $433,840.68. Following the sale, the director directly owned 162,737 shares in the company, valued at approximately $36,430,304.82. The trade was a 1.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 548 shares of Snowflake stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $223.86, for a total value of $122,675.28. Following the completion of the sale, the executive vice president directly owned 553,733 shares in the company, valued at $123,958,669.38. This represents a 0.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,224,389 shares of company stock worth $719,812,350. Insiders own 6.80% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.