Shariaportfolio Inc. Decreases Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Shariaportfolio Inc. lessened its holdings in Snowflake Inc. (NYSE:SNOW) by 11.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,837 shares of the company’s stock after selling 239 shares during the period. Shariaportfolio Inc.’s holdings in Snowflake were worth $248,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Swedbank AB purchased a new stake in shares of Snowflake during the first quarter valued at approximately $258,957,000. Vanguard Group Inc. lifted its holdings in Snowflake by 8.0% in the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after buying an additional 1,559,830 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in Snowflake in the 1st quarter worth $171,608,000. Cibc World Markets Corp purchased a new position in Snowflake in the 4th quarter valued at about $147,120,000. Finally, Sands Capital Management LLC grew its stake in shares of 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 acquiring an additional 610,970 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Activity

In other news, EVP Christian Kleinerman sold 1,535 shares of the company’s stock in a transaction dated 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 Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the transaction, the executive vice president now owns 494,942 shares of the company’s stock, valued at $60,922,410.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 1,535 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $125.93, for a total value of $193,302.55. Following the transaction, 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. Over the last quarter, insiders have sold 512,262 shares of company stock worth $63,340,261. 7.80% of the stock is owned by corporate insiders.

Snowflake Stock Down 1.1 %

SNOW opened at $111.62 on Wednesday. The firm has a market cap of $37.42 billion, a PE ratio of -39.86 and a beta of 0.83. The business has a fifty day simple moving average of $122.40 and a 200-day simple moving average of $140.42. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. During the same quarter last year, the company posted ($0.52) EPS. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. On average, equities research analysts anticipate that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Evercore ISI reduced their price target on Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Rosenblatt Securities reiterated a “buy” rating and set a $195.00 target price on shares of Snowflake in a research note on Monday, August 19th. The Goldman Sachs Group restated a “buy” rating and issued a $220.00 price target on shares of Snowflake in a research note on Monday, July 1st. JPMorgan Chase & Co. increased their price objective on shares of Snowflake from $170.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Finally, Scotiabank dropped their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.