Kayne Anderson Rudnick Investment Management LLC Sells 1,301 Shares of Snowflake Inc. (NYSE:SNOW)

Kayne Anderson Rudnick Investment Management LLC decreased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 0.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 169,015 shares of the company’s stock after selling 1,301 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 0.05% of Snowflake worth $22,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of SNOW. Dimensional Fund Advisors LP grew its position in shares of Snowflake by 5.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 199,474 shares of the company’s stock valued at $39,697,000 after acquiring an additional 10,575 shares during the period. Quadrant Capital Group LLC grew its position in shares of Snowflake by 67.5% during the 4th quarter. Quadrant Capital Group LLC now owns 355 shares of the company’s stock valued at $71,000 after acquiring an additional 143 shares during the period. Brown Advisory Inc. grew its position in shares of Snowflake by 26.0% during the 4th quarter. Brown Advisory Inc. now owns 3,312 shares of the company’s stock valued at $659,000 after acquiring an additional 684 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Snowflake by 20.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 25,587 shares of the company’s stock valued at $5,092,000 after acquiring an additional 4,428 shares during the period. Finally, Coldstream Capital Management Inc. grew its position in shares of Snowflake by 23.9% during the 4th quarter. Coldstream Capital Management Inc. now owns 1,652 shares of the company’s stock valued at $329,000 after acquiring an additional 319 shares during the period. Institutional investors own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SNOW. Loop Capital lowered their target price on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, August 21st. Wedbush lowered their target price on shares of Snowflake from $210.00 to $140.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Robert W. Baird lowered their target price on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. UBS Group lowered their target price on shares of Snowflake from $171.00 to $155.00 and set a “neutral” rating on the stock in a research note on Monday, August 19th. Finally, Mizuho lowered their target price on shares of Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $176.03.

Insider Buying and Selling

In related news, EVP Grzegorz Czajkowski sold 469,120 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the sale, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Benoit Dageville sold 1,946 shares of the firm’s 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 $222,602.94. Following the transaction, the insider now directly owns 53,820 shares of the company’s stock, valued at $6,156,469.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the transaction, the executive vice president now directly owns 494,942 shares in the company, valued at $60,922,410.78. The disclosure for this sale can be found here. Insiders have sold 517,203 shares of company stock valued at $63,833,373 in the last ninety days. 7.80% of the stock is owned by company insiders.

Snowflake Price Performance

Snowflake stock opened at $110.27 on Friday. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72. The firm has a market capitalization of $36.96 billion, a P/E ratio of -39.38 and a beta of 0.83. The company’s 50-day moving average is $120.87 and its 200 day moving average is $139.36.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period in the prior year, the company posted ($0.52) EPS. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. Research analysts anticipate that Snowflake Inc. will post -2.42 earnings per share for the current fiscal 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.