Commonwealth Equity Services LLC Trims Holdings in Snowflake Inc. (NYSE:SNOW)

Commonwealth Equity Services LLC trimmed its position in Snowflake Inc. (NYSE:SNOW) by 12.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,992 shares of the company’s stock after selling 9,232 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Snowflake were worth $9,050,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rothschild Investment LLC purchased a new stake in Snowflake in the 2nd quarter worth approximately $731,000. Outfitter Financial LLC increased its holdings in Snowflake by 31.5% in the 2nd quarter. Outfitter Financial LLC now owns 4,090 shares of the company’s stock worth $553,000 after acquiring an additional 980 shares in the last quarter. Arrow Financial Corp increased its holdings in Snowflake by 8.4% in the 2nd quarter. Arrow Financial Corp now owns 8,240 shares of the company’s stock worth $1,113,000 after acquiring an additional 636 shares in the last quarter. Adero Partners LLC grew its holdings in Snowflake by 9.3% during the 2nd quarter. Adero Partners LLC now owns 238,365 shares of the company’s stock valued at $32,201,000 after buying an additional 20,379 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Snowflake by 66.1% during the 2nd quarter. International Assets Investment Management LLC now owns 4,275 shares of the company’s stock valued at $578,000 after buying an additional 1,701 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Trading Up 0.8 %

Shares of Snowflake stock opened at $111.71 on Friday. The firm has a market cap of $37.40 billion, a P/E ratio of -39.90 and a beta of 0.83. Snowflake Inc. has a 12 month low of $107.93 and a 12 month high of $237.72. The stock’s fifty day moving average price is $127.10 and its 200-day moving average price is $147.49.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. Analysts forecast that Snowflake Inc. will post -2.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SNOW shares. Macquarie cut their price objective on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating for the company in a report on Friday, May 24th. UBS Group cut their price objective on shares of Snowflake from $171.00 to $155.00 and set a “neutral” rating for the company in a report on Monday, August 19th. Sanford C. Bernstein increased their price objective on shares of Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a report on Thursday, May 23rd. Barclays lowered their target price on Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 target price on shares of Snowflake in a research report on Monday, July 1st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $176.03.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the transaction, the director now owns 4,247 shares in the company, valued at $607,236.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Snowflake 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 value 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the sale, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The disclosure for this sale can be found here. Insiders have sold 512,678 shares of company stock worth $63,434,135 over the last quarter. Insiders own 7.80% of the company’s stock.

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.