Lebenthal Global Advisors LLC Sells 1,696 Shares of Snowflake Inc. $SNOW

Lebenthal Global Advisors LLC lowered its holdings in Snowflake Inc. (NYSE:SNOW) by 20.0% during the third quarter, HoldingsChannel.com reports. The fund owned 6,774 shares of the company’s stock after selling 1,696 shares during the period. Lebenthal Global Advisors LLC’s holdings in Snowflake were worth $2,300,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SNOW. Janus Henderson Group PLC boosted its holdings in Snowflake by 22.2% during the first quarter. Janus Henderson Group PLC now owns 2,997,385 shares of the company’s stock valued at $452,014,000 after purchasing an additional 544,960 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Snowflake by 134.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 790,291 shares of the company’s stock valued at $268,351,000 after buying an additional 453,342 shares in the last quarter. Swedbank AB boosted its stake in Snowflake by 24.0% in the 1st quarter. Swedbank AB now owns 1,649,771 shares of the company’s stock valued at $248,818,000 after buying an additional 319,356 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in Snowflake by 76.9% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company’s stock valued at $176,736,000 after acquiring an additional 509,230 shares during the period. Finally, National Pension Service grew its position in Snowflake by 3.3% in the second quarter. National Pension Service now owns 690,349 shares of the company’s stock valued at $175,694,000 after acquiring an additional 21,915 shares during the period. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

Snowflake stock opened at $304.86 on Friday. The stock has a 50-day simple moving average of $331.88 and a 200 day simple moving average of $239.75. The stock has a market capitalization of $107.55 billion, a price-to-earnings ratio of -95.87 and a beta of 1.35. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06. Snowflake Inc. has a 12-month low of $118.30 and a 12-month high of $384.56.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, September 2nd. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.17. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.48 billion. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The company’s revenue was up 35.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 EPS. On average, research analysts anticipate that Snowflake Inc. will post -1.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Citigroup lifted their price objective on Snowflake from $395.00 to $490.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. DA Davidson upped their target price on shares of Snowflake from $300.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Benchmark increased their target price on shares of Snowflake from $290.00 to $360.00 and gave the stock a “buy” rating in a research report on Tuesday, August 25th. Raymond James Financial increased their target price on shares of Snowflake from $275.00 to $425.00 and gave the stock an “outperform” rating in a research report on Thursday, September 3rd. Finally, Cantor Fitzgerald lifted their price target on shares of Snowflake from $405.00 to $430.00 and gave the company an “overweight” rating in a report on Thursday, September 3rd. Thirty-six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $413.87.

Insider Activity at Snowflake

In other news, Director Mark Garrett sold 50,000 shares of the business’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $350.00, for a total transaction of $17,500,000.00. Following the completion of the sale, the director owned 10,074 shares in the company, valued at $3,525,900. The trade was a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frank Slootman sold 300,000 shares of the company’s stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $316.43, for a total transaction of $94,929,000.00. Following the transaction, the director owned 19,024 shares in the company, valued at approximately $6,019,764.32. The trade was a 94.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,216,443 shares of company stock valued at $399,836,828 over the last ninety days. Company insiders own 4.80% of the company’s stock.

About Snowflake

Snowflake Inc is a cloud-based data platform company that helps organizations store, process, analyze and share data across public cloud environments. Its platform is designed to support data warehousing, data lakes, data engineering, data applications and analytics without requiring customers to manage the underlying hardware or software infrastructure.

Snowflake offers services for data sharing and collaboration, allowing organizations to securely exchange data with internal teams, customers, partners and third-party providers.