Price T Rowe Associates Inc. MD Trims Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Price T Rowe Associates Inc. MD lowered its stake in shares of Snowflake Inc. (NYSE:SNOW) by 18.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,892,681 shares of the company’s stock after selling 435,282 shares during the period. Price T Rowe Associates Inc. MD owned 0.57% of Snowflake worth $305,858,000 at the end of the most recent reporting period.

Several other hedge funds 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. LRI Investments LLC bought a new position in Snowflake in the 1st quarter valued at $29,000. FinTrust Capital Advisors LLC grew its position in shares of Snowflake by 193.9% during the 4th quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock valued at $39,000 after purchasing an additional 128 shares in the last quarter. Riverview Trust Co bought a new position in shares of Snowflake in the first quarter worth $31,000. Finally, Hartford Financial Management Inc. bought a new stake in Snowflake during the first quarter valued at $32,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on SNOW. Wedbush restated a “neutral” rating and issued a $210.00 target price on shares of Snowflake in a research note on Wednesday, June 5th. BNP Paribas upgraded shares of Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 price objective on the stock in a research report on Thursday, May 2nd. Scotiabank dropped their target price on shares of Snowflake from $207.00 to $195.00 and set a “sector outperform” rating for the company in a research report on Thursday, May 23rd. Stifel Nicolaus decreased their price target on shares of Snowflake from $220.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $195.00 price objective on shares of Snowflake in a report on Thursday, June 6th. 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 has a consensus rating of “Moderate Buy” and a consensus price target of $197.31.

Snowflake Price Performance

SNOW traded down $0.59 on Friday, hitting $129.00. The company had a trading volume of 3,377,909 shares, compared to its average volume of 5,308,795. The stock has a fifty day simple moving average of $136.95 and a 200-day simple moving average of $164.86. The firm has a market capitalization of $43.19 billion, a P/E ratio of -46.07 and a beta of 0.85. Snowflake Inc. has a 52-week low of $122.60 and a 52-week high of $237.72.

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

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $2,144,700.00. Following the completion of the transaction, the executive vice president now directly owns 733,773 shares of the company’s stock, valued at approximately $104,914,863.54. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $2,144,700.00. Following the sale, the executive vice president now owns 733,773 shares in the company, valued at approximately $104,914,863.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Grzegorz Czajkowski sold 469,120 shares of Snowflake stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the transaction, the executive vice president now owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The disclosure for this sale can be found here. Insiders have sold 533,460 shares of company stock valued at $66,963,450 in the last three months. 7.80% of the stock is currently owned by company insiders.

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.