abrdn plc Reduces Stake in Snowflake Inc. (NYSE:SNOW)

abrdn plc reduced its stake in Snowflake Inc. (NYSE:SNOW) by 46.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,118 shares of the company’s stock after selling 55,380 shares during the quarter. abrdn plc’s holdings in Snowflake were worth $7,365,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Comerica Bank grew its holdings in shares of Snowflake by 17.2% during the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after purchasing an additional 4,296 shares during the period. Choreo LLC grew its holdings in shares of Snowflake by 18.6% during the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock worth $1,336,000 after purchasing an additional 1,294 shares during the period. DekaBank Deutsche Girozentrale grew its holdings in shares of Snowflake by 23.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after purchasing an additional 43,062 shares during the period. Cetera Investment Advisers grew its holdings in shares of Snowflake by 201.5% during the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after purchasing an additional 42,563 shares during the period. Finally, LRI Investments LLC purchased a new position in shares of Snowflake during the 1st quarter worth $29,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the transaction, the executive vice president now directly owns 718,773 shares of the company’s stock, valued at $86,252,760. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,538 shares of company stock valued at $7,049,994. 7.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SNOW. Evercore ISI decreased their target price on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Loop Capital decreased their target price on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, August 21st. Robert W. Baird reduced their price target on Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. JMP Securities reduced their price target on Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 22nd. Finally, Argus assumed coverage on Snowflake in a research report on Tuesday, October 1st. They issued a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.74.

Snowflake Price Performance

SNOW opened at $115.49 on Friday. The business has a 50 day simple moving average of $114.70 and a 200-day simple moving average of $130.52. The stock has a market capitalization of $38.71 billion, a P/E ratio of -37.74 and a beta of 0.83. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. The firm had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. Snowflake’s revenue was up 28.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.52) earnings per share. Research analysts anticipate that Snowflake Inc. will post -2.41 EPS for the current year.

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.