Benjamin F. Edwards & Company Inc. Cuts Stake in Snowflake Inc. (NYSE:SNOW)

Benjamin F. Edwards & Company Inc. cut its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 41.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,632 shares of the company’s stock after selling 1,830 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Snowflake were worth $355,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SNOW. Accent Capital Management LLC bought a new position in Snowflake during the 4th quarter worth approximately $25,000. LRI Investments LLC bought a new position in shares of Snowflake in the first quarter worth approximately $29,000. FinTrust Capital Advisors LLC increased its stake in shares of Snowflake by 193.9% in the fourth quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock worth $39,000 after buying an additional 128 shares during the period. Riverview Trust Co bought a new stake in Snowflake during the 1st quarter valued at $31,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in Snowflake during the 1st quarter valued at $32,000. 65.10% of the stock is currently owned by institutional investors.

Insider Transactions at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $2,144,700.00. Following the completion of the sale, the executive vice president now owns 733,773 shares of the company’s stock, valued at $104,914,863.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $2,144,700.00. Following the sale, the executive vice president now owns 733,773 shares of the company’s stock, valued at approximately $104,914,863.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction on Friday, July 5th. The stock was 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 directly owns 4,247 shares in the company, valued at approximately $607,236.06. The disclosure for this sale can be found here. Insiders sold 45,386 shares of company stock worth $5,715,941 in the last three months. Corporate insiders own 7.80% of the company’s stock.

Wall Street Analyst Weigh In

SNOW has been the subject of several recent analyst reports. JMP Securities lowered their price objective on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research note on Thursday, August 22nd. Jefferies Financial Group dropped their price objective on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. TD Cowen cut their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Needham & Company LLC decreased their target price on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Finally, Royal Bank of Canada cut their price target on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a report on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $175.17.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $112.61 on Thursday. The stock’s 50-day simple moving average is $119.99 and its two-hundred day simple moving average is $138.43. The stock has a market capitalization of $37.75 billion, a price-to-earnings ratio of -40.22 and a beta of 0.83. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72.

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

About Snowflake

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.