Clearbridge Investments LLC Trims Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Clearbridge Investments LLC lowered its stake in shares of Snowflake Inc. (NYSE:SNOW) by 3.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,575,314 shares of the company’s stock after selling 62,325 shares during the period. Clearbridge Investments LLC owned 0.47% of Snowflake worth $254,571,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SNOW. Accent Capital Management LLC bought a new position in shares of Snowflake in the fourth quarter valued at approximately $25,000. Riverview Trust Co purchased a new position in shares of Snowflake during the 1st quarter valued at $31,000. Hartford Financial Management Inc. purchased a new position in shares of Snowflake during the 1st quarter valued at $32,000. Future Financial Wealth Managment LLC bought a new position in shares of Snowflake in the first quarter worth $32,000. Finally, FinTrust Capital Advisors LLC raised its position in shares of Snowflake by 193.9% in the fourth quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock worth $39,000 after buying an additional 128 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SNOW. Barclays upped their target price on Snowflake from $188.00 to $191.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 23rd. JMP Securities restated a “market outperform” rating and issued a $235.00 price objective on shares of Snowflake in a research report on Tuesday, June 4th. UBS Group lifted their target price on shares of Snowflake from $185.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, May 23rd. Macquarie decreased their price target on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, May 24th. Finally, Wedbush restated a “neutral” rating and set a $210.00 price objective on shares of Snowflake in a research report on Wednesday, June 5th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.31.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 546 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $129.32, for a total value of $70,608.72. Following the completion of the transaction, the executive vice president now owns 756,489 shares of the company’s stock, valued at approximately $97,829,157.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Christian Kleinerman sold 546 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $129.32, for a total value of $70,608.72. Following the sale, the executive vice president now directly owns 756,489 shares of the company’s stock, valued at approximately $97,829,157.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Grzegorz Czajkowski sold 469,120 shares of Snowflake stock in a transaction dated 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 directly owns 494,942 shares of the company’s stock, valued at $60,922,410.78. The disclosure for this sale can be found here. Insiders sold 533,460 shares of company stock worth $66,963,450 over the last three months. Company insiders own 7.80% of the company’s stock.

Snowflake Stock Performance

SNOW stock traded up $1.46 on Tuesday, reaching $132.61. The company’s stock had a trading volume of 3,248,453 shares, compared to its average volume of 6,499,201. The firm has a market cap of $44.40 billion, a PE ratio of -47.36 and a beta of 0.85. The business has a fifty day simple moving average of $139.09 and a two-hundred day simple moving average of $166.09. Snowflake Inc. has a 12-month low of $122.60 and a 12-month high of $237.72.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 22nd. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.40). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The company had revenue of $828.71 million during the quarter, compared to analysts’ expectations of $786.95 million. As a group, research analysts anticipate that Snowflake Inc. will post -2.28 earnings per share for the current fiscal year.

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.