QRG Capital Management Inc. Lowers Position in Snowflake Inc. (NYSE:SNOW)

QRG Capital Management Inc. trimmed its position in shares of Snowflake Inc. (NYSE:SNOW) by 2.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,819 shares of the company’s stock after selling 839 shares during the quarter. QRG Capital Management Inc.’s holdings in Snowflake were worth $3,884,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Snowflake by 1.4% during the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after purchasing an additional 297,428 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after buying an additional 223,936 shares during the period. Swedbank AB purchased a new position in shares of Snowflake during the 1st quarter valued at approximately $258,957,000. Bank of New York Mellon Corp grew its stake in Snowflake by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock valued at $216,142,000 after acquiring an additional 8,743 shares during the period. Finally, Daiwa Securities Group Inc. increased its holdings in Snowflake by 90.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after acquiring an additional 600,469 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. Argus initiated coverage on Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating for the company. Bank of America decreased their target price on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. TD Cowen lowered their price target on Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Finally, Hsbc Global Res raised Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $174.17.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other Snowflake news, Director Frank Slootman sold 1,606 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the sale, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 3,029 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $346,487.31. Following the transaction, the executive vice president now directly owns 753,464 shares of the company’s stock, valued at approximately $86,188,746.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,538 shares of company stock valued at $5,249,994 in the last ninety days. Company insiders own 7.80% of the company’s stock.

Snowflake Trading Up 4.2 %

SNOW stock opened at $121.39 on Thursday. The business’s fifty day moving average price is $114.63 and its 200 day moving average price is $129.94. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $237.72. The company has a market capitalization of $40.69 billion, a PE ratio of -39.67 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period in the prior year, the firm earned ($0.52) earnings per share. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. Research analysts predict that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

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.