UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Sells 19,219 Shares of Snowflake Inc. $SNOW

Key Points

• UBS Asset Management reduced its stake in Snowflake Inc. by 0.9%, selling 19,219 shares and holding 2,234,257 shares worth approximately $326.56 million at the end of the quarter.
• Director Frank Slootman sold 710,083 shares of Snowflake stock for about $163.65 million, significantly decreasing his ownership by 81.10%.
• Snowflake reported earnings of $0.35 per share, exceeding analysts' expectations, with quarterly revenue up 31.8% year over year to $1.14 billion.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC reduced its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 0.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,234,257 shares of the company's stock after selling 19,219 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.68% of Snowflake worth $326,559,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Ignite Planners LLC grew its stake in shares of Snowflake by 2.3% during the first quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after purchasing an additional 64 shares during the last quarter. Archford Capital Strategies LLC grew its stake in shares of Snowflake by 1.9% during the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after purchasing an additional 68 shares during the last quarter. TD Private Client Wealth LLC grew its stake in shares of Snowflake by 8.9% during the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after purchasing an additional 68 shares during the last quarter. WD Rutherford LLC grew its stake in shares of Snowflake by 0.6% during the first quarter. WD Rutherford LLC now owns 12,247 shares of the company's stock valued at $1,795,000 after purchasing an additional 79 shares during the last quarter. Finally, Alta Wealth Advisors LLC grew its stake in shares of Snowflake by 2.8% during the first quarter. Alta Wealth Advisors LLC now owns 2,918 shares of the company's stock valued at $426,000 after purchasing an additional 80 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Insider Buying and Selling at Snowflake

In related news, Director Frank Slootman sold 710,083 shares of the firm's 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 sale, the director directly owned 165,507 shares in the company, valued at $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 3,224,389 shares of company stock worth $719,812,350 over the last quarter. Company insiders own 6.80% of the company's stock.

Snowflake Trading Up 0.2%

Shares of NYSE SNOW opened at $226.03 on Thursday. The company's fifty day moving average is $212.76 and its 200-day moving average is $188.17. The stock has a market cap of $75.46 billion, a price-to-earnings ratio of -54.47 and a beta of 1.22. Snowflake Inc. has a twelve month low of $108.71 and a twelve month high of $249.99. The company has a quick ratio of 1.58, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Stifel Nicolaus increased their price target on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Stephens initiated coverage on shares of Snowflake in a research note on Friday, July 18th. They issued an "overweight" rating and a $261.00 price objective on the stock. Wells Fargo & Company raised their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. KeyCorp raised their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Snowflake in a research note 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 assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $255.53.

About Snowflake

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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