Summit Trail Advisors LLC Has $2.75 Million Stock Position in Snowflake Inc. (NYSE:SNOW)

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

Several other hedge funds and other institutional investors also recently made changes to their positions in SNOW. Ontario Teachers Pension Plan Board grew its stake in shares of Snowflake by 19,399.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 2,572,336 shares of the company’s stock worth $295,459,000 after purchasing an additional 2,559,144 shares during the period. Swedbank AB acquired a new stake in shares of Snowflake during the first quarter worth $258,957,000. AQR Capital Management LLC grew its stake in shares of Snowflake by 210.0% during the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after purchasing an additional 660,168 shares during the period. SG Americas Securities LLC grew its stake in shares of Snowflake by 471.9% during the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after purchasing an additional 628,511 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in shares of Snowflake by 90.3% during the second quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after purchasing an additional 600,469 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Stock Down 2.3 %

Shares of NYSE SNOW opened at $167.44 on Friday. The business’s 50 day moving average price is $120.06 and its two-hundred day moving average price is $128.00. The company has a market cap of $56.13 billion, a PE ratio of -49.39 and a beta of 0.83. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results 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. The firm had revenue of $868.80 million for 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 business’s revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.52) earnings per share. As a group, research analysts anticipate that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Analyst Ratings Changes

SNOW has been the subject of a number of analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $185.00 price objective (up from $165.00) on shares of Snowflake in a research note on Thursday. StockNews.com upgraded Snowflake from a “sell” rating to a “hold” rating in a report on Wednesday. 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 report on Tuesday, August 20th. Truist Financial reiterated a “buy” rating and set a $210.00 target price on shares of Snowflake in a report on Thursday. 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 report 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 assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $180.23.

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 1,946 shares of the company’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 $222,602.94. Following the transaction, the insider now owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. This represents a 3.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. The trade was a 0.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock valued at $7,061,544 over the last 90 days. 7.80% of the stock is currently owned by insiders.

Snowflake 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.