Ensign Peak Advisors Inc Lowers Stock Position in Snowflake Inc. (NYSE:SNOW)

Ensign Peak Advisors Inc cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 19.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 281,528 shares of the company’s stock after selling 68,488 shares during the quarter. Ensign Peak Advisors Inc owned approximately 0.08% of Snowflake worth $38,032,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Accent Capital Management LLC purchased a new position in shares of Snowflake in the fourth quarter valued at about $25,000. LRI Investments LLC lifted its holdings in Snowflake by 155.6% in the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new position in Snowflake in the 2nd quarter worth approximately $27,000. Riverview Trust Co bought a new position in Snowflake in the 1st quarter worth approximately $31,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in Snowflake during the 1st quarter valued at approximately $32,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Grzegorz Czajkowski sold 469,120 shares of Snowflake stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total value of $57,743,980.80. Following the completion of the sale, the executive vice president now directly owns 494,942 shares in the company, valued at $60,922,410.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the sale, the executive vice president now owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total value of $57,743,980.80. Following the completion of the transaction, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at $60,922,410.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 517,203 shares of company stock worth $63,833,373. 7.80% of the stock is currently owned by company insiders.

Snowflake Price Performance

SNOW stock opened at $110.27 on Friday. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72. The firm’s 50-day moving average is $120.87 and its 200 day moving average is $139.36. The company has a market capitalization of $36.96 billion, a PE ratio of -39.38 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating 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 firm had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. During the same quarter in the previous year, the firm posted ($0.52) earnings per share. The company’s revenue was up 28.9% on a year-over-year basis. Sell-side analysts forecast that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on SNOW. Robert W. Baird dropped their target price on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research report on Tuesday, August 20th. Scotiabank dropped their price objective on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a report on Thursday, August 22nd. Stifel Nicolaus reduced their target price on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a report on Monday, August 19th. Needham & Company LLC dropped their price target on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Finally, Jefferies Financial Group cut their price target on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $176.03.

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.