Principal Financial Group Inc. Sells 11,026 Shares of Snowflake Inc. (NYSE:SNOW)

Principal Financial Group Inc. reduced its stake in Snowflake Inc. (NYSE:SNOW) by 13.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 68,251 shares of the company’s stock after selling 11,026 shares during the quarter. Principal Financial Group Inc.’s holdings in Snowflake were worth $7,839,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. ProShare Advisors LLC boosted its position in Snowflake by 26.1% in the 1st quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock worth $230,000 after purchasing an additional 295 shares in the last quarter. Covestor Ltd increased its position in Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in Snowflake by 21.0% in the first quarter. O Shaughnessy Asset Management LLC now owns 12,634 shares of the company’s stock valued at $2,042,000 after acquiring an additional 2,191 shares during the last quarter. UniSuper Management Pty Ltd raised its holdings in Snowflake by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 4,000 shares of the company’s stock valued at $646,000 after buying an additional 2,000 shares during the period. Finally, Lake Street Advisors Group LLC acquired a new stake in Snowflake in the 1st quarter valued at approximately $454,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total transaction of $1,811,550.00. Following the transaction, the executive vice president now owns 706,755 shares of the company’s stock, valued at approximately $85,354,801.35. The trade was a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 6,251 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $715,051.89. Following the completion of the sale, the director now owns 208,735 shares of the company’s stock, valued at $23,877,196.65. This represents a 2.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,538 shares of company stock worth $7,061,544. 7.80% of the stock is owned by corporate insiders.

Snowflake Price Performance

Shares of SNOW opened at $130.26 on Wednesday. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $237.72. The stock has a market capitalization of $43.66 billion, a P/E ratio of -42.57 and a beta of 0.83. The firm’s 50 day moving average is $117.48 and its 200-day moving average is $127.89.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. Snowflake’s revenue was up 28.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.52) EPS. As a group, equities research analysts forecast that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SNOW. Bank of America lowered their price objective on Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Scotiabank cut their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 22nd. UBS Group dropped their target price on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, September 24th. Canaccord Genuity Group cut their target price on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Finally, Loop Capital reduced their target price on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $171.59.

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.