Pacer Advisors Inc. Lowers Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Pacer Advisors Inc. decreased its stake in Snowflake Inc. (NYSE:SNOW) by 81.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,756 shares of the company’s stock after selling 33,616 shares during the period. Pacer Advisors Inc.’s holdings in Snowflake were worth $1,134,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Opal Wealth Advisors LLC acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $26,000. CVA Family Office LLC grew its holdings in Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after buying an additional 88 shares in the last quarter. West Paces Advisors Inc. bought a new position in Snowflake in the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC bought a new position in Snowflake in the 4th quarter worth approximately $31,000. Finally, Capital A Wealth Management LLC bought a new position in Snowflake in the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. KeyCorp reaffirmed an “overweight” rating on shares of Snowflake in a research note on Wednesday, June 25th. Bank of America increased their target price on Snowflake from $172.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, May 22nd. Barclays restated an “overweight” rating and issued a $219.00 target price (up previously from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. Truist Financial increased their price objective on Snowflake from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, May 22nd. Finally, Loop Capital increased their price objective on Snowflake from $220.00 to $245.00 and gave the stock a “buy” rating in a report on Wednesday, June 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $226.73.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 424,852 shares of the firm’s stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the sale, the director owned 165,507 shares of the company’s stock, valued at $36,303,960.45. This trade represents a 71.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael Scarpelli sold 400,000 shares of Snowflake stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the sale, the chief financial officer directly owned 292,610 shares in the company, valued at $60,090,389.60. This represents a 57.75% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,698,258 shares of company stock valued at $586,482,906. 6.80% of the stock is owned by insiders.

Snowflake Trading Up 0.6%

NYSE SNOW opened at $220.12 on Thursday. The company’s 50-day moving average price is $213.37 and its 200-day moving average price is $182.01. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market cap of $73.49 billion, a PE ratio of -52.28 and a beta of 1.22. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $226.60.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company’s revenue was up 25.8% compared to the same quarter last year. During the same period last year, the business earned $0.14 EPS. Equities research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current 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.