Prime Capital Investment Advisors LLC Decreases Stock Position in Snowflake Inc. (NYSE:SNOW)

Prime Capital Investment Advisors LLC cut its stake in Snowflake Inc. (NYSE:SNOW) by 12.3% in the third quarter, HoldingsChannel reports. The firm owned 14,925 shares of the company’s stock after selling 2,086 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Snowflake were worth $1,714,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SNOW. Vanguard Group Inc. lifted its holdings in Snowflake by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after buying an additional 297,428 shares during the last quarter. Legal & General Group Plc lifted its holdings in Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after buying an additional 223,936 shares during the last quarter. Swedbank AB purchased a new stake in Snowflake during the 1st quarter worth about $258,957,000. Bank of New York Mellon Corp lifted its holdings in Snowflake by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock worth $216,142,000 after buying an additional 8,743 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in Snowflake by 90.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after buying an additional 600,469 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total value of $1,811,550.00. Following the sale, the executive vice president now owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the transaction, the executive vice president now owns 706,755 shares of the company’s stock, valued at $85,354,801.35. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Benoit Dageville sold 287 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the transaction, the insider now directly owns 53,250 shares in the company, valued at approximately $5,932,582.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,538 shares of company stock valued at $7,061,544. 7.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SNOW has been the subject of several research reports. Canaccord Genuity Group reduced their target price on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. JMP Securities reduced their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. Morgan Stanley reissued an “equal weight” rating and issued a $175.00 target price on shares of Snowflake in a report on Thursday, August 22nd. Stifel Nicolaus reduced their target price on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a report on Monday, August 19th. Finally, Loop Capital dropped their price target on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $172.09.

Snowflake Stock Performance

SNOW stock opened at $130.68 on Thursday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The stock’s 50 day moving average price is $115.64 and its 200 day moving average price is $128.89. The firm has a market cap of $43.80 billion, a P/E ratio of -42.71 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) 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 firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the prior year, the company earned ($0.52) EPS. Snowflake’s revenue was up 28.9% on a year-over-year basis. On average, research analysts predict that Snowflake Inc. will post -2.41 earnings per share for the current year.

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.