Los Angeles Capital Management LLC Trims Holdings in Snowflake Inc. (NYSE:SNOW)

Los Angeles Capital Management LLC cut its holdings in Snowflake Inc. (NYSE:SNOW) by 91.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,572 shares of the company’s stock after selling 16,795 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Snowflake were worth $212,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNOW. Comerica Bank boosted its stake in Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after purchasing an additional 4,296 shares in the last quarter. Choreo LLC boosted its stake in Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock worth $1,336,000 after purchasing an additional 1,294 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Snowflake by 23.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after purchasing an additional 43,062 shares in the last quarter. Trexquant Investment LP boosted its stake in Snowflake by 266.3% in the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock worth $2,089,000 after purchasing an additional 7,633 shares in the last quarter. Finally, Ridgewood Investments LLC bought a new position in Snowflake in the 1st quarter worth about $244,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 1,295 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $125.19, for a total value of $162,121.05. Following the transaction, the insider now owns 58,791 shares of the company’s stock, valued at $7,360,045.29. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Snowflake news, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction 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 sale, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 1,295 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $125.19, for a total value of $162,121.05. Following the sale, the insider now owns 58,791 shares in the company, valued at $7,360,045.29. The disclosure for this sale can be found here. Insiders sold 512,262 shares of company stock valued at $63,340,261 in the last three months. 7.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SNOW shares. Canaccord Genuity Group dropped their price target on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Piper Sandler restated an “overweight” rating and set a $165.00 target price on shares of Snowflake in a research note on Thursday, August 22nd. Macquarie lowered their target price on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a research note on Friday, May 24th. Rosenblatt Securities restated a “buy” rating and set a $195.00 target price on shares of Snowflake in a research note on Monday, August 19th. Finally, HSBC upgraded shares of Snowflake from a “reduce” rating to a “hold” rating and upped their target price for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $176.03.

Snowflake Price Performance

Snowflake stock opened at $113.67 on Monday. The stock has a market cap of $38.10 billion, a P/E ratio of -40.60 and a beta of 0.83. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The firm’s 50 day moving average price is $123.48 and its 200-day moving average price is $141.48.

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

About Snowflake

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.