Red Spruce Capital LLC Cuts Position in Snowflake Inc. $SNOW

Red Spruce Capital LLC cut its stake in Snowflake Inc. (NYSE:SNOW) by 2.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,768 shares of the company’s stock after selling 398 shares during the quarter. Snowflake comprises about 1.6% of Red Spruce Capital LLC’s portfolio, making the stock its 19th biggest position. Red Spruce Capital LLC’s holdings in Snowflake were worth $3,752,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in SNOW. Opal Wealth Advisors LLC purchased a new position in shares of Snowflake in the 1st quarter valued at $26,000. CVA Family Office LLC grew its stake in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after buying an additional 88 shares during the last quarter. Spurstone Advisory Services LLC purchased a new position in Snowflake during the 4th quarter worth $31,000. Capital A Wealth Management LLC purchased a new position in Snowflake during the 4th quarter worth $31,000. Finally, Golden State Wealth Management LLC grew its stake in Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock worth $31,000 after buying an additional 187 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on SNOW shares. DA Davidson restated a “buy” rating and set a $250.00 target price on shares of Snowflake in a research note on Monday, August 25th. Truist Financial boosted their target price on Snowflake from $235.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Cowen restated a “buy” rating on shares of Snowflake in a research note on Thursday, August 28th. KeyCorp boosted their target price on Snowflake from $250.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Finally, Morgan Stanley lifted their price target on Snowflake from $262.00 to $272.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $255.53.

Snowflake Stock Performance

Shares of SNOW opened at $221.17 on Monday. The stock has a market cap of $74.93 billion, a P/E ratio of -53.29 and a beta of 1.22. The stock has a 50-day moving average of $212.83 and a two-hundred day moving average of $189.20. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a one year low of $108.71 and a one year high of $249.99.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS. As a group, research analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity

In other news, Director Frank Slootman sold 710,083 shares of the business’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares of the company’s stock, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 3,224,389 shares of company stock valued at $719,812,350. Insiders own 6.80% of the company’s stock.

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.