Prudential PLC Sells 2,665 Shares of Snowflake Inc. (NYSE:SNOW)

Prudential PLC cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 28.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,615 shares of the company’s stock after selling 2,665 shares during the quarter. Prudential PLC’s holdings in Snowflake were worth $894,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Accent Capital Management LLC bought a new position in Snowflake during the fourth quarter worth $25,000. LRI Investments LLC acquired a new position in Snowflake during the first quarter worth $29,000. FinTrust Capital Advisors LLC raised its holdings in Snowflake by 193.9% during the fourth quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock worth $39,000 after buying an additional 128 shares during the last quarter. Riverview Trust Co acquired a new position in Snowflake during the first quarter worth $31,000. Finally, Hartford Financial Management Inc. acquired a new position in Snowflake during the first quarter worth $32,000. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on SNOW. The Goldman Sachs Group restated a “buy” rating and set a $220.00 price objective on shares of Snowflake in a report on Monday, July 1st. Evercore ISI lowered their price objective on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Mizuho lowered their target price on shares of Snowflake from $205.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. JPMorgan Chase & Co. increased their target price on shares of Snowflake from $170.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Finally, Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

Insider Activity

In other news, insider Benoit Dageville sold 1,295 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.19, for a total value of $162,121.05. Following the completion of the transaction, the insider now directly owns 58,791 shares in the company, valued at $7,360,045.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Christian Kleinerman sold 558 shares of the firm’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 sale, the executive vice president now directly owns 759,473 shares of the company’s stock, valued at $83,511,651.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benoit Dageville sold 1,295 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.19, for a total transaction of $162,121.05. Following the completion of the sale, the insider now directly owns 58,791 shares in the company, valued at $7,360,045.29. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 512,262 shares of company stock worth $63,340,261. 7.80% of the stock is owned by company insiders.

Snowflake Trading Up 0.9 %

SNOW stock opened at $112.99 on Friday. The firm has a 50 day moving average of $124.07 and a 200-day moving average of $143.55. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72. The firm has a market capitalization of $37.87 billion, a P/E ratio of -40.35 and a beta of 0.84.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The company had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. During the same period last year, the business earned ($0.52) earnings per share. Snowflake’s revenue was up 28.9% compared to the same quarter last year. Sell-side analysts predict that Snowflake Inc. will post -2.42 EPS for the current year.

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.