Victory Capital Management Inc. Sells 29,835 Shares of Snowflake Inc. $SNOW

Victory Capital Management Inc. decreased its holdings in Snowflake Inc. (NYSE:SNOW) by 7.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 389,786 shares of the company’s stock after selling 29,835 shares during the period. Victory Capital Management Inc. owned 0.12% of Snowflake worth $87,916,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Snowflake by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company’s stock worth $6,461,465,000 after purchasing an additional 857,832 shares during the period. Jennison Associates LLC lifted its holdings in shares of Snowflake by 13.5% in the third quarter. Jennison Associates LLC now owns 9,083,889 shares of the company’s stock worth $2,048,871,000 after buying an additional 1,083,222 shares in the last quarter. State Street Corp lifted its holdings in shares of Snowflake by 1.4% in the second quarter. State Street Corp now owns 6,887,073 shares of the company’s stock worth $1,541,120,000 after buying an additional 94,293 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Snowflake by 15.2% during the second quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock worth $1,108,045,000 after acquiring an additional 652,485 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Snowflake by 3.1% during the second quarter. Geode Capital Management LLC now owns 4,424,120 shares of the company’s stock valued at $986,057,000 after acquiring an additional 133,059 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

NYSE:SNOW opened at $168.30 on Thursday. The firm has a market capitalization of $57.59 billion, a price-to-earnings ratio of -42.61 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.37. The business has a 50 day simple moving average of $195.57 and a 200-day simple moving average of $222.18. Snowflake Inc. has a 1 year low of $120.10 and a 1 year high of $280.67.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. Snowflake had a negative return on equity of 48.50% and a negative net margin of 28.43%.Snowflake’s quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 EPS. Equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Mizuho decreased their price target on shares of Snowflake from $285.00 to $220.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 17th. Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a report on Wednesday, February 18th. Bank of America boosted their target price on Snowflake from $280.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. The Goldman Sachs Group cut their price target on Snowflake from $286.00 to $246.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. Finally, Canaccord Genuity Group reduced their price objective on Snowflake from $270.00 to $240.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $248.58.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $176.91, for a total transaction of $17,691,000.00. Following the completion of the transaction, the director owned 50,329 shares in the company, valued at $8,903,703.39. The trade was a 66.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $165.22, for a total value of $66,583.66. Following the transaction, the director directly owned 23,718 shares in the company, valued at approximately $3,918,687.96. This represents a 1.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 713,681 shares of company stock worth $147,419,318 over the last 90 days. Insiders own 6.80% of the company’s stock.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.