Triumph Capital Management Sells 3,173 Shares of Snowflake Inc. $SNOW

Key Points

• Triumph Capital Management reduced its stake in Snowflake Inc. by 25.8%, selling 3,173 shares during the second quarter, leaving them with a total of 9,131 shares valued at approximately $2 million.
• Snowflake received positive ratings from several analysts with price targets ranging from $260 to $285, suggesting a favorable consensus rating of "Moderate Buy" and a consensus price target of $255.53.
• Director Frank Slootman sold over 710,000 shares for approximately $163 million, significantly reducing his ownership by 81.10%, while insiders have collectively sold over 3.2 million shares valued at nearly $718 million in the last three months.

Triumph Capital Management lessened its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 25.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,131 shares of the company's stock after selling 3,173 shares during the period. Triumph Capital Management's holdings in Snowflake were worth $2,043,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Connective Portfolio Management LLC bought a new position in Snowflake in the 2nd quarter worth approximately $895,000. Beacon Financial Group raised its position in Snowflake by 13.4% in the 2nd quarter. Beacon Financial Group now owns 1,696 shares of the company's stock worth $380,000 after purchasing an additional 200 shares during the last quarter. Everpar Advisors LLC bought a new position in Snowflake in the 2nd quarter worth approximately $250,000. Parisi Gray Wealth Management raised its position in Snowflake by 22.8% in the 2nd quarter. Parisi Gray Wealth Management now owns 3,441 shares of the company's stock worth $770,000 after purchasing an additional 640 shares during the last quarter. Finally, Webster Bank N. A. raised its position in Snowflake by 4,100.0% in the 2nd quarter. Webster Bank N. A. now owns 420 shares of the company's stock worth $94,000 after purchasing an additional 410 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Scotiabank boosted their price objective on shares of Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. JMP Securities reaffirmed a "market outperform" rating and set a $260.00 target price on shares of Snowflake in a report on Tuesday, August 26th. Piper Sandler lifted their target price on shares of Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Stephens started coverage on shares of Snowflake in a report on Friday, July 18th. They set an "overweight" rating and a $261.00 target price for the company. Finally, KeyCorp lifted their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock 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 given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Price Performance

Shares of SNOW stock opened at $225.51 on Tuesday. Snowflake Inc. has a 12-month low of $108.71 and a 12-month high of $249.99. The firm has a market capitalization of $75.29 billion, a price-to-earnings ratio of -54.34 and a beta of 1.22. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a fifty day moving average of $212.83 and a 200-day moving average of $189.54.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results 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. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the previous year, the business earned $0.18 EPS. The firm's revenue was up 31.8% on a year-over-year basis. On average, equities research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 710,083 shares of the company's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 3,214,120 shares of company stock valued at $717,676,398. 6.80% of the stock is currently owned by corporate 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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