Mizuho Markets Americas LLC Reduces Stake in Snowflake Inc. $SNOW

Mizuho Markets Americas LLC lowered its position in Snowflake Inc. (NYSE:SNOW) by 74.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 84,043 shares of the company’s stock after selling 244,625 shares during the period. Mizuho Markets Americas LLC’s holdings in Snowflake were worth $12,675,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new position in shares of Snowflake in the fourth quarter worth approximately $28,000. Greenline Wealth Management LLC purchased a new stake in Snowflake during the fourth quarter valued at approximately $29,000. Physician Wealth Advisors Inc. increased its holdings in Snowflake by 56.0% during the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock valued at $31,000 after buying an additional 51 shares during the last quarter. Emerald Advisers LLC raised its position in Snowflake by 95.2% in the first quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock worth $31,000 after acquiring an additional 100 shares during the period. Finally, MV Capital Management Inc. bought a new position in Snowflake in the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Trading Down 0.9%

Shares of SNOW stock opened at $265.27 on Friday. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $91.94 billion, a PE ratio of -75.36 and a beta of 1.35. The stock has a fifty day simple moving average of $236.90 and a two-hundred day simple moving average of $194.86.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm earned $0.24 earnings per share. The business’s quarterly revenue was up 33.5% on a year-over-year basis. On average, analysts predict that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 840 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $257.91, for a total value of $216,644.40. Following the completion of the transaction, the director directly owned 26,876 shares in the company, valued at $6,931,589.16. This represents a 3.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 99,900 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $251.73, for a total transaction of $25,147,827.00. Following the sale, the director directly owned 28,535 shares of the company’s stock, valued at approximately $7,183,115.55. This trade represents a 77.78% 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 1,802,015 shares of company stock valued at $421,739,629 in the last three months. 4.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of Snowflake from $245.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Citigroup raised their target price on Snowflake from $260.00 to $320.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Wells Fargo & Company upped their price target on Snowflake from $210.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. The Goldman Sachs Group raised their price objective on Snowflake from $216.00 to $278.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, HSBC set a $289.00 price objective on Snowflake and gave the company a “buy” rating in a research report on Friday, May 29th. Thirty-four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $296.27.

Snowflake Profile

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.