Lake Street Advisors Group LLC Reduces Stock Position in Snowflake Inc. (NYSE:SNOW)

Lake Street Advisors Group LLC trimmed its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 18.2% in the third quarter, Holdings Channel reports. The institutional investor owned 2,241 shares of the company’s stock after selling 497 shares during the period. Lake Street Advisors Group LLC’s holdings in Snowflake were worth $257,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. LRI Investments LLC lifted its stake in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new stake in shares of Snowflake during the 2nd quarter worth approximately $27,000. V Square Quantitative Management LLC acquired a new position in shares of Snowflake in the 3rd quarter valued at $30,000. Opal Wealth Advisors LLC purchased a new position in shares of Snowflake in the 2nd quarter valued at $39,000. Finally, Waldron Private Wealth LLC acquired a new stake in Snowflake during the 3rd quarter worth $40,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 1,946 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the transaction, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Benoit Dageville sold 1,946 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the sale, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 30,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the sale, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,538 shares of company stock valued at $7,049,994. Insiders own 7.80% of the company’s stock.

Snowflake Price Performance

NYSE:SNOW opened at $116.04 on Friday. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72. The firm has a 50 day simple moving average of $115.59 and a 200-day simple moving average of $131.83. The firm has a market cap of $38.85 billion, a PE ratio of -41.44 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million for the quarter, compared to analyst estimates 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 for the quarter was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.52) EPS. As a group, sell-side analysts expect that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on SNOW. Hsbc Global Res upgraded Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. Wedbush upgraded Snowflake to a “hold” rating in a research note on Thursday, October 17th. Barclays lowered their target price on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. TD Cowen decreased their price target on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Finally, Wells Fargo & Company lowered their price target on Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $174.74.

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.