Means Investment CO. Inc. Lowers Stock Position in Snowflake Inc. $SNOW

Means Investment CO. Inc. cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 14.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,012 shares of the company’s stock after selling 666 shares during the period. Means Investment CO. Inc.’s holdings in Snowflake were worth $898,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SNOW. Brighton Jones LLC increased its holdings in Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Snowflake by 29.2% during the first quarter. Farther Finance Advisors LLC now owns 4,801 shares of the company’s stock worth $718,000 after buying an additional 1,085 shares during the period. GAMMA Investing LLC boosted its position in shares of Snowflake by 102.8% during the first quarter. GAMMA Investing LLC now owns 793 shares of the company’s stock worth $116,000 after buying an additional 402 shares during the period. CX Institutional acquired a new stake in shares of Snowflake in the first quarter valued at $42,000. Finally, NorthCrest Asset Manangement LLC raised its holdings in shares of Snowflake by 47.5% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 11,486 shares of the company’s stock valued at $1,679,000 after buying an additional 3,701 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Price Performance

Shares of SNOW opened at $242.52 on Friday. The firm has a market capitalization of $82.17 billion, a price-to-earnings ratio of -58.44 and a beta of 1.21. The firm’s fifty day simple moving average is $218.64 and its 200-day simple moving average is $198.82. Snowflake Inc. has a twelve month low of $113.23 and a twelve month high of $255.39. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the company posted $0.18 earnings per share. Snowflake’s revenue for the quarter was up 31.8% compared to the same quarter last year. Equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SNOW. UBS Group raised their target price on Snowflake from $285.00 to $310.00 and gave the company a “buy” rating in a report on Wednesday. Truist Financial raised their price objective on shares of Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. DA Davidson reaffirmed a “buy” rating and set a $250.00 target price on shares of Snowflake in a research note on Monday, August 25th. BTIG Research raised their price target on shares of Snowflake from $235.00 to $276.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Finally, Monness Crespi & Hardt upped their price objective on Snowflake from $245.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $256.18.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 710,083 shares of the firm’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the sale, the director owned 165,507 shares of the company’s stock, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total value of $2,335,000.00. Following the completion of the transaction, the executive vice president directly owned 527,336 shares of the company’s stock, valued at $123,132,956. This trade represents a 1.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,182,434 shares of company stock worth $270,280,661. Insiders own 6.80% of the company’s stock.

Snowflake Company 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.