Private Wealth Partners LLC Cuts Holdings in Snowflake Inc. $SNOW

Private Wealth Partners LLC lessened its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 41.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,390 shares of the company’s stock after selling 4,485 shares during the quarter. Private Wealth Partners LLC’s holdings in Snowflake were worth $964,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Brighton Jones LLC lifted its stake in shares of Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Snowflake by 24.0% during the 1st quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock valued at $1,637,000 after buying an additional 2,167 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after buying an additional 73 shares during the period. Flow Traders U.S. LLC acquired a new position in Snowflake during the 2nd quarter worth approximately $221,000. Finally, The Manufacturers Life Insurance Company grew its position in Snowflake by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock valued at $5,055,000 after acquiring an additional 1,521 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW opened at $259.67 on Friday. The firm has a market cap of $90.00 billion, a price-to-earnings ratio of -73.77 and a beta of 1.35. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The business’s 50 day moving average is $202.78 and its two-hundred day moving average is $190.46. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business’s quarterly revenue was up 33.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 earnings per share. Analysts forecast that Snowflake Inc. will post -1.87 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on SNOW shares. Monness Crespi & Hardt lifted their price objective on shares of Snowflake from $282.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Weiss Ratings lowered shares of Snowflake from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Royal Bank Of Canada lifted their price target on shares of Snowflake from $220.00 to $284.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. KeyCorp set a $295.00 price objective on shares of Snowflake in a report on Thursday, May 28th. Finally, Wells Fargo & Company upped their price objective on shares of Snowflake from $210.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $293.53.

Insider Buying and Selling at Snowflake

In other news, Director Mark Garrett sold 100,000 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the sale, the director owned 8,801 shares of the company’s stock, valued at approximately $2,200,250. The trade was a 91.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 437,076 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the sale, the director owned 38,046 shares in the company, valued at approximately $9,603,951.78. This trade represents a 91.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,798,828 shares of company stock worth $415,351,838 in the last ninety days. 4.80% of the stock is owned by insiders.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.