Element Capital Management LLC Cuts Position in Snowflake Inc. (NYSE:SNOW)

Element Capital Management LLC lessened its position in shares of Snowflake Inc. (NYSE:SNOW) by 37.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 3,898 shares of the company’s stock after selling 2,285 shares during the quarter. Element Capital Management LLC’s holdings in Snowflake were worth $527,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Commerce Bank increased its position in shares of Snowflake by 0.8% during the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock valued at $1,221,000 after purchasing an additional 51 shares during the last quarter. Park Avenue Securities LLC increased its position in Snowflake by 0.5% during the first quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock valued at $2,179,000 after acquiring an additional 70 shares during the last quarter. Covestor Ltd raised its stake in shares of Snowflake by 25.0% in the first quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after acquiring an additional 70 shares during the period. IAM Advisory LLC raised its stake in shares of Snowflake by 2.0% in the first quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock valued at $600,000 after acquiring an additional 74 shares during the period. Finally, Joseph P. Lucia & Associates LLC lifted its holdings in shares of Snowflake by 2.6% in the 1st quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock worth $478,000 after acquiring an additional 75 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Up 0.6 %

NYSE SNOW opened at $113.67 on Friday. The firm has a market cap of $38.06 billion, a PE ratio of -40.60 and a beta of 0.83. The company has a 50 day moving average price of $123.48 and a 200 day moving average price of $142.09. 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 data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. The firm had revenue of $868.80 million during 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%. Snowflake’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.52) EPS. On average, equities research analysts anticipate that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Benoit Dageville sold 1,295 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.19, for a total transaction of $162,121.05. Following the completion of the transaction, the insider now owns 58,791 shares in the company, valued at approximately $7,360,045.29. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 1,535 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $125.93, for a total transaction of $193,302.55. Following the transaction, the executive vice president now owns 749,615 shares in the company, valued at approximately $94,399,016.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benoit Dageville sold 1,295 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.19, for a total transaction of $162,121.05. Following the transaction, the insider now owns 58,791 shares in the company, valued at approximately $7,360,045.29. The disclosure for this sale can be found here. Insiders sold a total of 512,262 shares of company stock worth $63,340,261 in the last 90 days. 7.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

SNOW has been the topic of a number of recent analyst reports. UBS Group reduced their price objective on shares of Snowflake from $171.00 to $155.00 and set a “neutral” rating on the stock in a research report on Monday, August 19th. Citigroup reduced their price target on Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th. Macquarie dropped their price objective on Snowflake from $205.00 to $200.00 and set an “outperform” rating for the company in a report on Friday, May 24th. Robert W. Baird reduced their target price on Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Finally, HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and lifted their target price for the stock from $119.00 to $121.00 in a research report on Friday, August 23rd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

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.