Hilltop Holdings Inc. Trims Stake in Snowflake Inc. $SNOW

Hilltop Holdings Inc. reduced its holdings in Snowflake Inc. (NYSE:SNOW) by 76.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,036 shares of the company’s stock after selling 6,581 shares during the quarter. Hilltop Holdings Inc.’s holdings in Snowflake were worth $307,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SNOW. HHM Wealth Advisors LLC grew its holdings in shares of Snowflake by 50.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company’s stock worth $33,000 after purchasing an additional 50 shares in the last quarter. United Asset Strategies Inc. raised its stake in Snowflake by 1.4% in the fourth quarter. United Asset Strategies Inc. now owns 3,544 shares of the company’s stock valued at $777,000 after purchasing an additional 50 shares in the last quarter. Physician Wealth Advisors Inc. raised its stake in Snowflake by 56.0% in the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock valued at $31,000 after purchasing an additional 51 shares in the last quarter. ORG Partners LLC lifted its position in Snowflake by 3.3% during the fourth quarter. ORG Partners LLC now owns 1,796 shares of the company’s stock valued at $394,000 after purchasing an additional 58 shares during the last quarter. Finally, Beaumont Financial Advisors LLC lifted its position in Snowflake by 4.7% during the fourth quarter. Beaumont Financial Advisors LLC now owns 1,312 shares of the company’s stock valued at $288,000 after purchasing an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Trading Down 1.1%

Shares of SNOW opened at $269.83 on Wednesday. The firm has a market cap of $93.52 billion, a price-to-earnings ratio of -76.66 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $284.99. The firm has a 50 day moving average price of $243.29 and a 200-day moving average price of $195.70.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the company earned $0.24 EPS. The firm’s revenue was up 33.5% on a year-over-year basis. As a group, equities research analysts forecast that Snowflake Inc. will post -1.84 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In other news, Director Teresa Briggs sold 343 shares of Snowflake stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $255.11, for a total value of $87,502.73. Following the transaction, the director owned 5,060 shares in the company, valued at approximately $1,290,856.60. The trade was a 6.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 2,500 shares of Snowflake stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $258.56, for a total value of $646,400.00. Following the completion of the transaction, the executive vice president owned 397,879 shares in the company, valued at approximately $102,875,594.24. This represents a 0.62% 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. Over the last three months, insiders sold 2,102,015 shares of company stock valued at $504,063,952. Company insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SNOW shares. Citigroup boosted their price target on shares of Snowflake from $260.00 to $320.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. DA Davidson raised their price objective on shares of Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. KeyCorp lifted their price objective on shares of Snowflake from $285.00 to $325.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Needham & Company LLC upped their target price on shares of Snowflake from $300.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Finally, Wells Fargo & Company increased their target price on Snowflake from $210.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Thirty-four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $296.27.

Snowflake Company Profile

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.