Sigma Planning Corp Sells 4,635 Shares of Snowflake Inc. $SNOW

Sigma Planning Corp reduced its holdings in Snowflake Inc. (NYSE:SNOW) by 66.9% during the 1st quarter, HoldingsChannel reports. The firm owned 2,289 shares of the company’s stock after selling 4,635 shares during the quarter. Sigma Planning Corp’s holdings in Snowflake were worth $345,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new position in shares of Snowflake during the 4th quarter worth about $974,091,000. Jennison Associates LLC grew its holdings in Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after buying an additional 2,519,413 shares during the last quarter. Jericho Capital Asset Management L.P. bought a new position in Snowflake in the 4th quarter worth approximately $345,619,000. Vanguard Group Inc. increased its position in Snowflake by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock worth $6,601,790,000 after buying an additional 1,448,094 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Snowflake by 445.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company’s stock worth $326,971,000 after buying an additional 1,217,350 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Mark Garrett sold 100,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the sale, the director owned 8,801 shares of the company’s stock, valued at $2,200,250. The trade was a 91.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 437,076 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the transaction, the director directly owned 38,046 shares of the company’s stock, valued at $9,603,951.78. This trade represents a 91.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,802,015 shares of company stock worth $421,739,629. 4.80% of the stock is currently owned by corporate insiders.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $270.92 on Wednesday. The firm has a market capitalization of $93.90 billion, a PE ratio of -76.97 and a beta of 1.35. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a 1-year low of $118.30 and a 1-year high of $284.99. The business’s 50 day moving average is $232.28 and its 200-day moving average is $194.18.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.Snowflake’s revenue was up 33.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. Sell-side analysts predict that Snowflake Inc. will post -1.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SNOW. Deutsche Bank Aktiengesellschaft increased their price objective on Snowflake from $230.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Canaccord Genuity Group boosted their target price on shares of Snowflake from $240.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Raymond James Financial reiterated an “outperform” rating and set a $275.00 target price on shares of Snowflake in a research note on Thursday, May 28th. Wedbush increased their price target on shares of Snowflake from $270.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, May 28th. Finally, Benchmark boosted their price objective on shares of Snowflake from $200.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Thirty-four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average price target of $296.27.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.