Axiom Advisory LLC Reduces Stock Position in Snowflake Inc. (NYSE:SNOW)

Axiom Advisory LLC cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 57.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,864 shares of the company’s stock after selling 6,547 shares during the period. Axiom Advisory LLC’s holdings in Snowflake were worth $598,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Comerica Bank raised its stake in Snowflake by 17.2% during the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after acquiring an additional 4,296 shares during the period. Choreo LLC raised its position in shares of Snowflake by 18.6% during the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after purchasing an additional 1,294 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Snowflake by 23.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after buying an additional 43,062 shares in the last quarter. Ridgewood Investments LLC bought a new position in Snowflake in the 1st quarter worth $244,000. Finally, Cetera Investment Advisers increased its stake in Snowflake by 201.5% in the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after buying an additional 42,563 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now directly owns 718,773 shares in the company, valued at approximately $86,252,760. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total value of $1,800,000.00. Following the sale, the executive vice president now directly owns 718,773 shares in the company, valued at approximately $86,252,760. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 6,251 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $715,051.89. Following the sale, the director now directly owns 208,735 shares of the company’s stock, valued at $23,877,196.65. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,538 shares of company stock valued at $3,449,994. Company insiders own 7.80% of the company’s stock.

Snowflake Stock Down 0.3 %

Shares of NYSE:SNOW opened at $113.51 on Wednesday. The business’s 50 day moving average is $116.80 and its 200 day moving average is $135.43. The stock has a market cap of $38.00 billion, a P/E ratio of -40.54 and a beta of 0.83. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72.

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

Analyst Ratings Changes

Several brokerages have recently commented on SNOW. Citigroup lowered their price objective on Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, August 20th. 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. Bank of America reduced their price objective on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. Finally, Argus started coverage on shares of Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating for the company. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.74.

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.