Clear Creek Financial Management LLC Trims Holdings in Snowflake Inc. $SNOW

Clear Creek Financial Management LLC trimmed its position in Snowflake Inc. (NYSE:SNOW) by 14.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,065 shares of the company’s stock after selling 340 shares during the quarter. Clear Creek Financial Management LLC’s holdings in Snowflake were worth $462,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Snowflake by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company’s stock worth $3,974,705,000 after acquiring an additional 316,573 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in Snowflake in the 2nd quarter worth approximately $3,900,134,000. Price T Rowe Associates Inc. MD boosted its stake in Snowflake by 19.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock worth $691,693,000 after purchasing an additional 763,673 shares during the period. Nuveen LLC bought a new position in Snowflake in the 1st quarter worth approximately $555,847,000. Finally, Goldman Sachs Group Inc. boosted its stake in Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock worth $524,293,000 after purchasing an additional 650,775 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SNOW. Robert W. Baird upped their price target on Snowflake from $215.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Monness Crespi & Hardt upped their price target on Snowflake from $245.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Truist Financial upped their price target on Snowflake from $235.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Stephens assumed coverage on Snowflake in a research note on Friday, July 18th. They issued an “overweight” rating and a $261.00 price target for the company. Finally, Raymond James Financial increased their target price on Snowflake from $212.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $256.18.

Insider Buying and Selling

In related news, Director Frank Slootman sold 7,551 shares of the firm’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total value of $1,670,583.24. Following the completion of the sale, the director directly owned 153,226 shares in the company, valued at $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Vivek Raghunathan sold 11,801 shares of the firm’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the sale, the senior vice president owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,182,434 shares of company stock valued at $270,280,661 over the last 90 days. 6.80% of the stock is currently owned by insiders.

Snowflake Stock Down 3.3%

NYSE SNOW opened at $242.52 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market capitalization of $82.17 billion, a P/E ratio of -58.44 and a beta of 1.21. Snowflake Inc. has a one year low of $113.23 and a one year high of $255.39. The stock has a 50 day moving average price of $218.64 and a 200-day moving average price of $198.54.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.Snowflake’s revenue was up 31.8% on a year-over-year basis. During the same period last year, the company earned $0.18 earnings per share. As a group, equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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.