Wellington Shields & Co. LLC Sells 800 Shares of Snowflake Inc. (NYSE:SNOW)

Wellington Shields & Co. LLC cut its holdings in Snowflake Inc. (NYSE:SNOW) by 14.5% during the 1st quarter, HoldingsChannel reports. The fund owned 4,700 shares of the company’s stock after selling 800 shares during the quarter. Wellington Shields & Co. LLC’s holdings in Snowflake were worth $687,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Quarry LP lifted its position in shares of Snowflake by 9.8% during the 4th quarter. Quarry LP now owns 662 shares of the company’s stock valued at $102,000 after acquiring an additional 59 shares during the period. Ignite Planners LLC increased its position in shares of Snowflake by 2.3% in the first quarter. Ignite Planners LLC now owns 2,861 shares of the company’s stock worth $418,000 after purchasing an additional 64 shares during the period. Gabelli Funds LLC raised its stake in Snowflake by 3.3% in the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company’s stock valued at $317,000 after purchasing an additional 65 shares in the last quarter. Archford Capital Strategies LLC lifted its position in Snowflake by 1.9% during the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company’s stock worth $527,000 after purchasing an additional 68 shares during the period. Finally, TD Private Client Wealth LLC lifted its position in Snowflake by 8.9% during the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company’s stock worth $122,000 after purchasing an additional 68 shares during the period. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. JMP Securities increased their price target on shares of Snowflake from $245.00 to $260.00 and gave the stock a “market outperform” rating in a research report on Friday, July 18th. Sanford C. Bernstein restated a “market perform” rating on shares of Snowflake in a research note on Thursday, May 22nd. Raymond James Financial reaffirmed an “outperform” rating and issued a $212.00 target price (up previously from $196.00) on shares of Snowflake in a report on Thursday, May 22nd. Royal Bank Of Canada boosted their price target on Snowflake from $236.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, June 4th. Finally, BTIG Research restated a “buy” rating on shares of Snowflake in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $226.73.

Snowflake Price Performance

SNOW stock opened at $218.87 on Wednesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The company’s 50-day moving average is $212.55 and its 200-day moving average is $181.74. The stock has a market capitalization of $73.07 billion, a PE ratio of -51.99 and a beta of 1.22. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $226.60.

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

Insider Buying and Selling at Snowflake

In related news, Director Mark Garrett sold 67,000 shares of the firm’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $198.98, for a total value of $13,331,660.00. Following the transaction, the director owned 7,428 shares of the company’s stock, valued at approximately $1,478,023.44. This trade represents a 90.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Slootman sold 424,852 shares of the business’s stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the sale, the director directly owned 165,507 shares of the company’s stock, valued at $36,303,960.45. This represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,708,258 shares of company stock valued at $588,162,906. Corporate 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.