Cornerstone Advisors LLC Sells 9,407 Shares of Snowflake Inc. $SNOW

Cornerstone Advisors LLC lessened its position in Snowflake Inc. (NYSE:SNOW) by 26.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 26,129 shares of the company’s stock after selling 9,407 shares during the period. Cornerstone Advisors LLC’s holdings in Snowflake were worth $8,872,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Basecamp Wealth Advisors LLC grew its holdings in Snowflake by 140.5% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock valued at $30,000 after purchasing an additional 118 shares during the last quarter. Reyes Financial Architecture Inc. purchased a new stake in Snowflake in the 3rd quarter worth about $32,000. Mather Group LLC. raised its position in Snowflake by 98.0% in the 3rd quarter. Mather Group LLC. now owns 101 shares of the company’s stock worth $34,000 after purchasing an additional 50 shares during the period. Ninety One UK Ltd bought a new stake in Snowflake in the third quarter worth about $36,000. Finally, Fortitude Family Office LLC lifted its stake in Snowflake by 146.7% in the third quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock worth $38,000 after purchasing an additional 66 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SNOW has been the subject of several recent analyst reports. Evercore restated an “outperform” rating and set a $430.00 target price on shares of Snowflake in a research report on Thursday, September 3rd. The Goldman Sachs Group upped their target price on Snowflake from $300.00 to $436.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Royal Bank Of Canada increased their price target on Snowflake from $372.00 to $440.00 and gave the stock an “outperform” rating in a report on Thursday, September 3rd. Benchmark raised their price target on Snowflake from $290.00 to $360.00 and gave the stock a “buy” rating in a research note on Tuesday, August 25th. Finally, Rosenblatt Securities raised their price target on Snowflake from $285.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, September 1st. Thirty-six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $413.87.

Insider Activity at Snowflake

In other news, Director Michael Speiser sold 50,338 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $353.87, for a total transaction of $17,813,108.06. Following the transaction, the director directly owned 25,196 shares of the company’s stock, valued at approximately $8,916,108.52. This trade represents a 66.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $325.57, for a total transaction of $4,883,550.00. Following the sale, the executive vice president directly owned 325,379 shares of the company’s stock, valued at $105,933,641.03. This represents a 4.41% 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. Insiders have sold 1,186,443 shares of company stock valued at $387,734,752 over the last 90 days. 4.80% of the stock is currently owned by insiders.

Snowflake Trading Down 2.7%

NYSE SNOW opened at $290.61 on Friday. The stock has a market cap of $102.53 billion, a PE ratio of -91.39 and a beta of 1.32. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $384.56. The company’s 50-day moving average price is $324.69 and its 200-day moving average price is $243.79. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.06.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, September 2nd. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.17. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the business posted $0.35 EPS. The firm’s revenue for the quarter was up 35.1% on a year-over-year basis. Equities research analysts forecast that Snowflake Inc. will post -1.42 earnings per share for the current year.

Snowflake Profile

Snowflake Inc. provides a cloud-based data platform that helps organizations store, process, analyze and share data. Its platform brings together capabilities for data warehousing, data engineering, analytics, application development and artificial intelligence, and supports data sharing through its marketplace and other services. Snowflake’s platform runs across major cloud providers, including Amazon Web Services, Microsoft Azure and Google Cloud. The company serves customers in multiple industries and geographies, offering tools to work with data across cloud environments.