Rhumbline Advisers Decreases Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Rhumbline Advisers trimmed its stake in shares of Snowflake Inc. (NYSE:SNOW) by 1.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 372,136 shares of the company’s stock after selling 4,675 shares during the period. Rhumbline Advisers owned approximately 0.11% of Snowflake worth $50,272,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Snowflake during the fourth quarter valued at approximately $838,455,000. Swedbank AB bought a new position in shares of Snowflake in the first quarter worth approximately $258,957,000. Vanguard Group Inc. boosted its position in shares of Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after purchasing an additional 1,559,830 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of Snowflake in the first quarter worth approximately $171,608,000. Finally, Trivest Advisors Ltd bought a new position in shares of Snowflake in the fourth quarter worth approximately $173,747,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SNOW has been the subject of a number of recent analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $220.00 price target on shares of Snowflake in a research report on Thursday, May 23rd. Morgan Stanley restated an “equal weight” rating and set a $175.00 target price on shares of Snowflake in a research report on Thursday, August 22nd. Evercore ISI dropped their target price on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Robert W. Baird dropped their target price on shares of Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research report on Tuesday, August 20th. Finally, JMP Securities dropped their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $176.03.

Snowflake Stock Performance

NYSE SNOW opened at $111.71 on Friday. The company has a market capitalization of $37.40 billion, a price-to-earnings ratio of -39.90 and a beta of 0.83. The company’s 50-day simple moving average is $127.10 and its two-hundred day simple moving average is $147.49. Snowflake Inc. has a one year low of $107.93 and a one year high of $237.72.

Snowflake (NYSE:SNOW) last posted its earnings results 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 business had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same quarter last year, the firm posted ($0.52) EPS. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. Equities analysts expect that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now directly owns 4,247 shares in the company, valued at approximately $607,236.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now directly owns 4,247 shares in the company, valued at approximately $607,236.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Grzegorz Czajkowski sold 469,120 shares of Snowflake stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the completion of the sale, the executive vice president now owns 494,942 shares of the company’s stock, valued at $60,922,410.78. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 512,678 shares of company stock worth $63,434,135. Corporate insiders own 7.80% of the company’s stock.

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.