Prospera Financial Services Inc Cuts Stock Holdings in Snowflake Inc. $SNOW

Prospera Financial Services Inc lowered its stake in Snowflake Inc. (NYSE:SNOW) by 2.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,492 shares of the company’s stock after selling 269 shares during the quarter. Prospera Financial Services Inc’s holdings in Snowflake were worth $2,795,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after acquiring an additional 29,320 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in Snowflake by 36.5% in the first quarter. Crossmark Global Holdings Inc. now owns 2,196 shares of the company’s stock worth $321,000 after purchasing an additional 587 shares during the last quarter. Brown Advisory Inc. raised its stake in Snowflake by 6.8% during the first quarter. Brown Advisory Inc. now owns 11,080 shares of the company’s stock valued at $1,619,000 after purchasing an additional 703 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Snowflake by 346.4% during the first quarter. Nisa Investment Advisors LLC now owns 9,085 shares of the company’s stock valued at $1,328,000 after purchasing an additional 7,050 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in Snowflake by 62.7% during the first quarter. Cerity Partners LLC now owns 101,293 shares of the company’s stock valued at $14,805,000 after purchasing an additional 39,040 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total value of $2,335,000.00. Following the transaction, the executive vice president owned 527,336 shares of the company’s stock, valued at $123,132,956. This represents a 1.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction on Friday, September 5th. The shares were sold at an average price of $224.85, for a total value of $11,318,499.30. Following the sale, the director directly owned 35,276 shares of the company’s stock, valued at approximately $7,931,808.60. This trade represents a 58.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 931,388 shares of company stock valued at $216,578,628 over the last 90 days. 6.80% of the stock is currently owned by insiders.

Snowflake Stock Performance

Shares of Snowflake stock opened at $268.92 on Tuesday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock’s fifty day moving average is $241.16 and its two-hundred day moving average is $216.31. Snowflake Inc. has a 52 week low of $120.10 and a 52 week high of $280.67. The company has a market capitalization of $91.11 billion, a PE ratio of -64.80 and a beta of 1.23.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The business’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period last year, the company earned $0.18 earnings per share. As a group, analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on SNOW shares. Evercore ISI upped their target price on shares of Snowflake from $240.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Bank of America raised Snowflake from a “neutral” rating to a “buy” rating and raised their price objective for the company from $220.00 to $240.00 in a research note on Wednesday, August 20th. Stephens initiated coverage on Snowflake in a research report on Friday, July 18th. They set an “overweight” rating and a $261.00 target price on the stock. Truist Financial increased their price target on Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Finally, UBS Group raised their price target on Snowflake from $285.00 to $310.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $258.95.

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.