Prime Capital Investment Advisors LLC Has $2.30 Million Position in Snowflake Inc. (NYSE:SNOW)

Prime Capital Investment Advisors LLC reduced its position in shares of Snowflake Inc. (NYSE:SNOW) by 36.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,011 shares of the company’s stock after selling 9,801 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Snowflake were worth $2,298,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of SNOW. Swedbank AB acquired a new position in shares of Snowflake during the first quarter worth about $258,957,000. Vanguard Group Inc. boosted its position in Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after purchasing an additional 1,559,830 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in Snowflake during the first quarter valued at approximately $171,608,000. Cibc World Markets Corp acquired a new position in Snowflake during the fourth quarter valued at approximately $147,120,000. Finally, Sands Capital Management LLC boosted its position in Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after purchasing an additional 610,970 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Stock Performance

Shares of SNOW opened at $112.84 on Tuesday. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72. The business’s fifty day moving average is $122.92 and its 200-day moving average is $140.94. The firm has a market cap of $37.82 billion, a price-to-earnings ratio of -40.30 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter last year, the company posted ($0.52) EPS. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, research analysts forecast that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Insider Activity

In other news, EVP Christian Kleinerman sold 1,535 shares of Snowflake stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $125.93, for a total value of $193,302.55. Following the transaction, the executive vice president now owns 749,615 shares in the company, valued at approximately $94,399,016.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Benoit Dageville sold 1,295 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $125.19, for a total transaction of $162,121.05. Following the sale, the insider now owns 58,791 shares of the company’s stock, valued at approximately $7,360,045.29. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 1,535 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $125.93, for a total value of $193,302.55. Following the sale, the executive vice president now directly owns 749,615 shares in the company, valued at approximately $94,399,016.95. The disclosure for this sale can be found here. In the last quarter, insiders have sold 512,262 shares of company stock worth $63,340,261. Insiders own 7.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on SNOW shares. UBS Group reduced their price target on Snowflake from $171.00 to $155.00 and set a “neutral” rating for the company in a research report on Monday, August 19th. StockNews.com cut Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Scotiabank cut their price objective on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 22nd. Wells Fargo & Company cut their price objective on Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday, August 22nd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $175.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $176.03.

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.