Principal Financial Group Inc. Sells 1,582 Shares of Snowflake Inc. (NYSE:SNOW)

Principal Financial Group Inc. lowered its holdings in Snowflake Inc. (NYSE:SNOW) by 2.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 79,277 shares of the company’s stock after selling 1,582 shares during the quarter. Principal Financial Group Inc.’s holdings in Snowflake were worth $10,710,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. EMC Capital Management lifted its stake in Snowflake by 850.0% in the second quarter. EMC Capital Management now owns 3,800 shares of the company’s stock worth $540,000 after acquiring an additional 3,400 shares during the period. UMB Bank n.a. lifted its position in shares of Snowflake by 7.2% in the 2nd quarter. UMB Bank n.a. now owns 2,961 shares of the company’s stock worth $400,000 after purchasing an additional 198 shares during the period. Panagora Asset Management Inc. boosted its stake in shares of Snowflake by 251.9% during the 2nd quarter. Panagora Asset Management Inc. now owns 22,419 shares of the company’s stock valued at $3,029,000 after purchasing an additional 16,048 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Snowflake by 17.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 80,455 shares of the company’s stock valued at $10,869,000 after buying an additional 11,981 shares during the period. Finally, Ameritas Advisory Services LLC increased its position in shares of Snowflake by 11.9% during the second quarter. Ameritas Advisory Services LLC now owns 3,973 shares of the company’s stock valued at $537,000 after buying an additional 422 shares during the period. 65.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. Canaccord Genuity Group cut their price objective on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Bank of America dropped their price target on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Scotiabank decreased their price objective on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a report on Thursday, August 22nd. Piper Sandler reissued an “overweight” rating and set a $165.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $195.00 target price on shares of Snowflake in a research report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $176.03.

Insider Buying and Selling

In other Snowflake news, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total transaction of $71,596.98. Following the completion of the sale, the insider now directly owns 63,222 shares of the company’s stock, valued at $8,112,014.82. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Snowflake news, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the completion of the sale, the insider now owns 63,222 shares in the company, valued at $8,112,014.82. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares in the company, valued at approximately $607,236.06. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 512,678 shares of company stock valued at $63,434,135. 7.80% of the stock is owned by insiders.

Snowflake Price Performance

NYSE SNOW opened at $108.56 on Friday. The stock has a market capitalization of $36.35 billion, a price-to-earnings ratio of -38.77 and a beta of 0.83. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72. The business’s fifty day moving average price is $126.57 and its 200-day moving average price is $146.64.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company 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%. Snowflake’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.52) earnings per share. Equities research analysts anticipate 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.