Wealth Architects LLC Lowers Stake in Snowflake Inc. (NYSE:SNOW)

Wealth Architects LLC lowered its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 9.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,057 shares of the company’s stock after selling 1,198 shares during the period. Wealth Architects LLC’s holdings in Snowflake were worth $1,385,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SNOW. Vanguard Group Inc. increased its position in Snowflake by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after buying an additional 297,428 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Snowflake by 11.5% during the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after acquiring an additional 223,936 shares in the last quarter. Swedbank AB purchased a new position in shares of Snowflake in the 1st quarter worth about $258,957,000. Bank of New York Mellon Corp boosted its stake in Snowflake by 0.5% in 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 purchasing an additional 8,743 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its position in Snowflake by 90.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock valued at $170,938,000 after purchasing an additional 600,469 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Trading Up 4.2 %

Snowflake stock opened at $121.39 on Thursday. The firm has a market capitalization of $40.69 billion, a PE ratio of -39.67 and a beta of 0.83. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $237.72. The firm has a 50-day moving average price of $114.63 and a 200-day moving average price of $129.94.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the company earned ($0.52) earnings per share. As a group, sell-side analysts predict that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on SNOW. Jefferies Financial Group decreased their target price on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Stifel Nicolaus lowered their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. 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. Wells Fargo & Company lowered their price target on Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Finally, HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and lifted their price objective for the stock from $119.00 to $121.00 in a report on Friday, August 23rd. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $174.17.

Insider Transactions at Snowflake

In related news, EVP Christian Kleinerman sold 558 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at $83,511,651.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the sale, the executive vice president now directly owns 759,473 shares of the company’s stock, valued at $83,511,651.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the sale, the insider now owns 53,250 shares of the company’s stock, 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. Over the last three months, insiders have sold 44,538 shares of company stock valued at $5,249,994. 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.