Mizuho Markets Americas LLC Sells 244,625 Shares of Snowflake Inc. $SNOW

Mizuho Markets Americas LLC lessened its holdings in Snowflake Inc. (NYSE:SNOW) by 74.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 84,043 shares of the company’s stock after selling 244,625 shares during the quarter. Mizuho Markets Americas LLC’s holdings in Snowflake were worth $12,675,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank bought a new stake in shares of Snowflake in the 4th quarter worth approximately $974,091,000. Jennison Associates LLC increased its position in Snowflake by 27.7% during 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 in the last quarter. Jericho Capital Asset Management L.P. bought a new position in Snowflake during the 4th quarter valued at approximately $345,619,000. Vanguard Group Inc. raised its stake in Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after buying an additional 1,448,094 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Snowflake by 445.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company’s stock valued at $326,971,000 after buying an additional 1,217,350 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling

In other news, CAO Emily Ho sold 1,860 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $232.25, for a total transaction of $431,985.00. Following the sale, the chief accounting officer owned 41,283 shares of the company’s stock, valued at $9,587,976.75. This trade represents a 4.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Teresa Briggs sold 343 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $255.11, for a total transaction of $87,502.73. Following the sale, the director directly owned 5,060 shares in the company, valued at approximately $1,290,856.60. The trade was a 6.35% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,802,015 shares of company stock worth $421,739,629 in the last three months. 4.80% of the stock is currently owned by company insiders.

Snowflake Stock Performance

Shares of SNOW opened at $265.27 on Friday. The business’s fifty day simple moving average is $236.90 and its two-hundred day simple moving average is $194.86. 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 12 month low of $118.30 and a 12 month high of $284.99. The company has a market cap of $91.94 billion, a price-to-earnings ratio of -75.36 and a beta of 1.35.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.07. The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The company’s revenue was up 33.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 earnings per share. Research analysts anticipate that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SNOW shares. Weiss Ratings downgraded Snowflake from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. The Goldman Sachs Group raised their price target on Snowflake from $216.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Monness Crespi & Hardt lifted their price target on Snowflake from $282.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. BTIG Research upped their price target on shares of Snowflake from $280.00 to $325.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Finally, Canaccord Genuity Group increased their price objective on shares of Snowflake from $240.00 to $325.00 and gave the company a “buy” rating in a research 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 given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.