Slow Capital Inc. Cuts Stake in Snowflake Inc. (NYSE:SNOW)

Slow Capital Inc. cut its stake in Snowflake Inc. (NYSE:SNOW) by 4.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,731 shares of the company’s stock after selling 1,425 shares during the quarter. Slow Capital Inc.’s holdings in Snowflake were worth $4,638,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in shares of Snowflake during the first quarter worth about $26,000. CVA Family Office LLC increased its position in shares of Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after acquiring an additional 88 shares during the last quarter. West Paces Advisors Inc. acquired a new position in Snowflake in the fourth quarter worth about $31,000. Spurstone Advisory Services LLC acquired a new position in Snowflake in the fourth quarter worth about $31,000. Finally, Capital A Wealth Management LLC acquired a new position in Snowflake in the fourth quarter worth about $31,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SNOW. Piper Sandler reaffirmed an “overweight” rating and set a $215.00 target price (up from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Evercore ISI reiterated a “buy” rating on shares of Snowflake in a research note on Wednesday, June 4th. Stifel Nicolaus raised their target price on Snowflake from $210.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, May 22nd. Cowen reiterated a “buy” rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, DA Davidson reiterated a “buy” rating and set a $250.00 price objective on shares of Snowflake in a research report on Wednesday, June 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $225.36.

Snowflake Stock Performance

Shares of Snowflake stock opened at $210.64 on Monday. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $226.60. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market cap of $70.32 billion, a PE ratio of -50.03 and a beta of 1.22. The business has a fifty day simple moving average of $203.53 and a 200-day simple moving average of $177.21.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the firm earned $0.14 earnings per share. The firm’s revenue was up 25.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 100,483 shares of the business’s stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $223.55, for a total transaction of $22,462,974.65. Following the transaction, the director directly owned 165,507 shares in the company, valued at $36,999,089.85. The trade was a 37.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $221.47, for a total value of $89,252.41. Following the sale, the director owned 26,539 shares of the company’s stock, valued at approximately $5,877,592.33. This represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,718,258 shares of company stock worth $589,762,906 in the last quarter. 6.80% of the stock is owned by corporate insiders.

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.