Pacer Advisors Inc. Sells 3,866 Shares of Snowflake Inc. (NYSE:SNOW)

Pacer Advisors Inc. lowered its stake in shares of Snowflake Inc. (NYSE:SNOW) by 29.1% during the 2nd quarter, Holdings Channel.com reports. The fund owned 9,426 shares of the company’s stock after selling 3,866 shares during the quarter. Pacer Advisors Inc.’s holdings in Snowflake were worth $1,273,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its position in Snowflake by 1.4% during the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after buying an additional 297,428 shares during the period. Jennison Associates LLC boosted its stake in shares of Snowflake by 3.7% during the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock worth $1,132,568,000 after acquiring an additional 249,249 shares during the last quarter. Sands Capital Management LLC grew its position in shares of Snowflake by 12.6% during the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after acquiring an additional 610,970 shares during the period. 1832 Asset Management L.P. increased its stake in shares of Snowflake by 51.8% in the 4th quarter. 1832 Asset Management L.P. now owns 1,680,700 shares of the company’s stock worth $334,459,000 after purchasing an additional 573,400 shares in the last quarter. Finally, Swedbank AB bought a new stake in Snowflake during the first quarter valued at about $258,957,000. Institutional investors own 65.10% of the company’s stock.

Insider Activity

In related news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the transaction, the insider now owns 53,820 shares of the company’s stock, valued at $6,156,469.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the transaction, the director now owns 4,247 shares in the company, valued at approximately $607,236.06. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benoit Dageville sold 1,946 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now directly owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,386 shares of company stock worth $5,715,941. Corporate insiders own 7.80% of the company’s stock.

Snowflake Price Performance

SNOW stock opened at $113.93 on Friday. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72. The firm’s 50-day moving average is $118.88 and its 200 day moving average is $137.73. The company has a market capitalization of $38.14 billion, a PE ratio of -40.69 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business’s revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.52) EPS. Sell-side analysts forecast that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Stifel Nicolaus cut their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a report on Monday, August 19th. Loop Capital reduced their price objective on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, August 21st. JMP Securities lowered their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $220.00 target price on shares of Snowflake in a report on Monday, July 1st. Finally, Piper Sandler reissued an “overweight” rating and set a $165.00 price target on shares of Snowflake in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.17.

Snowflake Company 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.