Swedbank AB Sells 199,976 Shares of Snowflake Inc. (NYSE:SNOW)

Swedbank AB decreased its stake in shares of Snowflake Inc. (NYSE:SNOW) by 12.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,402,478 shares of the company’s stock after selling 199,976 shares during the quarter. Swedbank AB owned about 0.42% of Snowflake worth $189,461,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Snowflake by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after buying an additional 297,428 shares during the period. Jennison Associates LLC increased its holdings in shares of Snowflake by 3.7% during the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after acquiring an additional 249,249 shares in the last quarter. Sands Capital Management LLC increased its holdings in shares of Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after acquiring an additional 610,970 shares in the last quarter. Norges Bank acquired a new position in shares of Snowflake during the fourth quarter worth approximately $838,455,000. Finally, WCM Investment Management LLC lifted its holdings in shares of Snowflake by 0.6% in the 1st quarter. WCM Investment Management LLC now owns 1,848,043 shares of the company’s stock worth $298,644,000 after purchasing an additional 11,677 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Up 0.8 %

Shares of SNOW stock traded up $1.01 during trading on Friday, hitting $128.06. The company had a trading volume of 6,258,181 shares, compared to its average volume of 6,371,821. Snowflake Inc. has a 52 week low of $107.93 and a 52 week high of $237.72. The stock has a market capitalization of $42.87 billion, a price-to-earnings ratio of -45.60 and a beta of 0.85. The stock’s 50-day moving average is $129.98 and its two-hundred day moving average is $158.00.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The firm had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. On average, research analysts predict that Snowflake Inc. will post -2.31 EPS for the current fiscal year.

Insider Activity

In other news, EVP Christian Kleinerman sold 546 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $129.32, for a total transaction of $70,608.72. Following the transaction, the executive vice president now directly owns 756,489 shares of the company’s stock, valued at $97,829,157.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Christian Kleinerman sold 546 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $129.32, for a total transaction of $70,608.72. Following the completion of the sale, the executive vice president now owns 756,489 shares of the company’s stock, valued at $97,829,157.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the transaction, the director now owns 4,247 shares in the company, valued at approximately $607,236.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 534,178 shares of company stock valued at $66,520,575. Corporate insiders own 7.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Loop Capital lowered their target price on shares of Snowflake from $235.00 to $225.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Bank of America lowered their price objective on Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday. Wells Fargo & Company cut Snowflake from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $200.00 to $130.00 in a research report on Thursday. Sanford C. Bernstein upped their price target on Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a report on Thursday, May 23rd. Finally, Scotiabank dropped their price objective on Snowflake from $207.00 to $195.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 23rd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $196.79.

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.