Summit Trail Advisors LLC Sells 15,396 Shares of Snowflake Inc. (NYSE:SNOW)

Summit Trail Advisors LLC reduced its stake in Snowflake Inc. (NYSE:SNOW) by 39.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 23,915 shares of the company’s stock after selling 15,396 shares during the quarter. Summit Trail Advisors LLC’s holdings in Snowflake were worth $2,747,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. LRI Investments LLC bought a new stake in shares of Snowflake in the first quarter valued at approximately $29,000. Wellington Shields Capital Management LLC bought a new stake in Snowflake during the second quarter worth $27,000. V Square Quantitative Management LLC bought a new stake in Snowflake during the third quarter worth $30,000. Global Financial Private Client LLC bought a new stake in Snowflake during the first quarter worth $44,000. Finally, Opal Wealth Advisors LLC bought a new stake in Snowflake during the second quarter worth $39,000. 65.10% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. This trade represents a 0.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock worth $7,061,544 in the last three months. Company insiders own 7.80% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Needham & Company LLC upped their target price on Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday. TD Cowen upped their target price on Snowflake from $180.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday. StockNews.com upgraded Snowflake from a “sell” rating to a “hold” rating in a research note on Wednesday. Scotiabank dropped their price target 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. Finally, Hsbc Global Res upgraded Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.23.

Snowflake Trading Down 2.3 %

Shares of Snowflake stock opened at $167.44 on Friday. The business has a 50-day moving average price of $120.06 and a two-hundred day moving average price of $128.00. The company has a market cap of $56.13 billion, a P/E ratio of -49.39 and a beta of 0.83. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72.

Snowflake (NYSE:SNOW) last issued its 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 company had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 22.01% and a negative net margin of 33.02%. The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the business posted ($0.52) EPS. Equities research analysts forecast that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

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.