Peak Asset Management LLC Reduces Stake in Snowflake Inc. (NYSE:SNOW)

Peak Asset Management LLC reduced its stake in shares of Snowflake Inc. (NYSE:SNOW) by 23.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,578 shares of the company’s stock after selling 1,389 shares during the period. Peak Asset Management LLC’s holdings in Snowflake were worth $526,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of SNOW. LRI Investments LLC increased its position in Snowflake by 155.6% in the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 112 shares during the last quarter. Wellington Shields Capital Management LLC bought a new stake in Snowflake in the 2nd quarter valued at about $27,000. V Square Quantitative Management LLC bought a new stake in Snowflake in the 3rd quarter valued at about $30,000. Fortitude Family Office LLC bought a new position in Snowflake during the third quarter worth about $34,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Snowflake in the second quarter worth about $39,000. Institutional investors own 65.10% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on SNOW shares. Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Needham & Company LLC cut their price target on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $180.00 price objective on shares of Snowflake in a research note on Wednesday, October 2nd. Monness Crespi & Hardt raised Snowflake from a “neutral” rating to a “buy” rating and set a $140.00 target price for the company in a report on Wednesday, November 6th. Finally, Stifel Nicolaus lowered their price target on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and a consensus target price of $172.09.

Insider Buying and Selling

In related news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now owns 53,820 shares of the company’s stock, valued at $6,156,469.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Snowflake news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock valued at $7,061,544 over the last ninety days. Company insiders own 7.80% of the company’s stock.

Snowflake Stock Up 4.2 %

NYSE:SNOW opened at $130.68 on Thursday. The company has a fifty day moving average of $115.64 and a 200 day moving average of $128.89. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72. The firm has a market capitalization of $43.80 billion, a P/E ratio of -42.71 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. During the same period in the prior year, the business earned ($0.52) EPS. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. As a group, analysts anticipate that Snowflake Inc. will post -2.41 EPS for the current year.

Snowflake Company Profile

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.