Clearbridge Investments LLC Sells 379,280 Shares of Snowflake Inc. (NYSE:SNOW)

Clearbridge Investments LLC reduced its position in shares of Snowflake Inc. (NYSE:SNOW) by 24.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,196,034 shares of the company’s stock after selling 379,280 shares during the period. Clearbridge Investments LLC owned about 0.36% of Snowflake worth $161,572,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its holdings in shares of Snowflake by 8.0% in the 2nd quarter. Cetera Investment Advisers now owns 68,800 shares of the company’s stock worth $9,294,000 after acquiring an additional 5,112 shares in the last quarter. EP Wealth Advisors LLC acquired a new position in Snowflake in the second quarter worth $201,000. Quarry LP boosted its stake in Snowflake by 608.2% in the second quarter. Quarry LP now owns 949 shares of the company’s stock worth $128,000 after purchasing an additional 815 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Snowflake by 46.7% during the second quarter. Sunbelt Securities Inc. now owns 5,393 shares of the company’s stock worth $729,000 after purchasing an additional 1,716 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Snowflake by 42.5% in the second quarter. NewEdge Advisors LLC now owns 13,800 shares of the company’s stock valued at $1,864,000 after buying an additional 4,116 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Performance

Shares of SNOW stock opened at $110.23 on Wednesday. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72. The company’s 50 day moving average price is $118.10 and its two-hundred day moving average price is $136.75. The company has a market capitalization of $36.95 billion, a P/E ratio of -39.37 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 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 analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period last year, the business posted ($0.52) earnings per share. Analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SNOW shares. Loop Capital decreased their price objective on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st. Argus assumed coverage on shares of Snowflake in a research note on Tuesday. They set a “hold” rating on the stock. Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. Rosenblatt Securities reiterated a “buy” rating and issued a $195.00 price objective on shares of Snowflake in a research report on Monday, August 19th. Finally, Royal Bank of Canada dropped their target price on Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a research report on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.17.

Insider Buying and Selling at Snowflake

In other news, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares of the company’s stock, valued at $607,236.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now owns 4,247 shares of the company’s stock, valued at $607,236.06. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The disclosure for this sale can be found here. Insiders have sold 45,386 shares of company stock valued at $5,715,941 in the last 90 days. 7.80% of the stock is currently owned by company insiders.

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.