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Townsquare Capital LLC Sells 12,627 Shares of Snowflake Inc. (NYSE:SNOW)

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Key Points

  • Townsquare Capital LLC reduced its holdings in Snowflake Inc. by 11.0%, selling 12,627 shares during the 1st quarter, bringing its total ownership to 102,099 shares valued at approximately $14.9 million.
  • Snowflake's CFO, Michael Scarpelli, and Director Frank Slootman both significantly reduced their shareholding, with Scarpelli selling 400,000 shares and Slootman selling 424,852 shares, representing substantial decreases in their respective positions.
  • Snowflake's recent earnings report showed a revenue increase of 25.8% year-over-year, with EPS of $0.24, surpassing analysts' expectations, while the stock has recently been experiencing a downward trend of 1.9%.
  • Want stock alerts on Snowflake? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Townsquare Capital LLC decreased its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 11.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 102,099 shares of the company's stock after selling 12,627 shares during the quarter. Townsquare Capital LLC's holdings in Snowflake were worth $14,923,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in Snowflake in the first quarter valued at $26,000. CVA Family Office LLC lifted its stake in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares during the last quarter. West Paces Advisors Inc. acquired a new stake in Snowflake in the fourth quarter valued at $31,000. Spurstone Advisory Services LLC acquired a new stake in Snowflake in the fourth quarter valued at $31,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Snowflake during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

SNOW has been the subject of a number of research reports. Barclays restated an "overweight" rating and set a $219.00 target price (up previously from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. JPMorgan Chase & Co. raised their price target on shares of Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a research report on Thursday, May 22nd. Oppenheimer reaffirmed an "outperform" rating on shares of Snowflake in a research report on Tuesday, June 24th. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $215.00 price target (up from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $226.73.

Get Our Latest Research Report on SNOW

Snowflake Trading Down 7.0%

Shares of NYSE SNOW traded down $14.46 during midday trading on Friday, reaching $191.94. The stock had a trading volume of 8,603,458 shares, compared to its average volume of 3,533,447. The firm has a market cap of $64.08 billion, a price-to-earnings ratio of -45.59 and a beta of 1.22. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $229.27. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The company's 50 day moving average price is $213.98 and its 200 day moving average price is $183.97.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the company earned $0.14 EPS. Snowflake's quarterly revenue was up 25.8% compared to the same quarter last year. As a group, sell-side analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the transaction, the chief financial officer owned 292,610 shares in the company, valued at $60,090,389.60. The trade was a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 424,852 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the sale, the director owned 165,507 shares of the company's stock, valued at $36,303,960.45. This trade represents a 71.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,014,642 shares of company stock worth $657,325,186 in the last quarter. 6.80% of the stock is owned by corporate insiders.

About Snowflake

(Free Report)

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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Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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