Ethic Inc. Sells 1,142 Shares of Snowflake Inc. $SNOW

Ethic Inc. decreased its stake in Snowflake Inc. (NYSE:SNOW) by 4.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,152 shares of the company’s stock after selling 1,142 shares during the period. Ethic Inc.’s holdings in Snowflake were worth $5,822,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Snowflake by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company’s stock valued at $3,974,705,000 after purchasing an additional 316,573 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new position in Snowflake in the 2nd quarter valued at approximately $3,900,134,000. Price T Rowe Associates Inc. MD lifted its stake in Snowflake by 19.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock valued at $691,693,000 after purchasing an additional 763,673 shares during the last quarter. Nuveen LLC acquired a new position in Snowflake in the 1st quarter valued at approximately $555,847,000. Finally, Goldman Sachs Group Inc. increased its position in Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock valued at $524,293,000 after acquiring an additional 650,775 shares during the period. Institutional investors own 65.10% of the company’s stock.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of the company’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the sale, the director directly owned 165,507 shares of the company’s stock, valued at $38,144,398.29. This represents a 81.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $208.69, for a total transaction of $10,505,037.22. Following the completion of the sale, the director directly owned 36,116 shares in the company, valued at $7,537,048.04. This represents a 58.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,182,434 shares of company stock valued at $270,280,661 over the last quarter. Company insiders own 6.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SNOW shares. Barclays upped their price target on shares of Snowflake from $219.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Piper Sandler upped their target price on Snowflake from $215.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Cowen reaffirmed a “buy” rating on shares of Snowflake in a research note on Thursday, August 28th. Mizuho lifted their price objective on shares of Snowflake from $235.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Finally, Truist Financial boosted their price target on shares of Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $257.24.

Snowflake Trading Down 2.3%

NYSE:SNOW opened at $241.71 on Thursday. The company has a fifty day moving average of $225.44 and a 200 day moving average of $203.78. Snowflake Inc. has a 52 week low of $113.23 and a 52 week high of $255.39. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $81.89 billion, a P/E ratio of -58.24 and a beta of 1.21.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the business posted $0.18 EPS. The firm’s revenue was up 31.8% compared to the same quarter last year. On average, research analysts predict that Snowflake Inc. will post -2.36 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.