Snowflake Inc. $SNOW Stock Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC reduced its stake in Snowflake Inc. (NYSE:SNOW) by 26.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,129 shares of the company’s stock after selling 9,407 shares during the period. Cornerstone Advisors LLC’s holdings in Snowflake were worth $8,872,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SNOW. Silicon Valley Capital Partners boosted its stake in Snowflake by 15.2% during the second quarter. Silicon Valley Capital Partners now owns 62,087 shares of the company’s stock valued at $15,801,000 after buying an additional 8,208 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in Snowflake during the 2nd quarter valued at approximately $1,399,000. Swiss National Bank grew its holdings in Snowflake by 7.1% during the 1st quarter. Swiss National Bank now owns 944,600 shares of the company’s stock valued at $142,465,000 after buying an additional 62,600 shares in the last quarter. National Pension Service increased its stake in Snowflake by 3.3% in the 2nd quarter. National Pension Service now owns 690,349 shares of the company’s stock worth $175,694,000 after acquiring an additional 21,915 shares during the last quarter. Finally, Ameritas Advisory Services LLC increased its stake in Snowflake by 439.9% in the 2nd quarter. Ameritas Advisory Services LLC now owns 7,181 shares of the company’s stock worth $1,828,000 after acquiring an additional 5,851 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Phillip Securities cut Snowflake from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, October 12th. TD Cowen increased their target price on Snowflake from $370.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Robert W. Baird set a $450.00 target price on shares of Snowflake in a report on Thursday, September 3rd. Evercore restated an “outperform” rating and issued a $430.00 price target on shares of Snowflake in a research report on Thursday, September 3rd. Finally, UBS Group boosted their price target on shares of Snowflake from $425.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Thirty-six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $413.87.

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $306.01, for a total value of $3,060,100.00. Following the completion of the transaction, the executive vice president owned 303,738 shares in the company, valued at approximately $92,946,865.38. The trade was a 3.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 840 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $275.92, for a total value of $231,772.80. Following the transaction, the director directly owned 23,516 shares in the company, valued at approximately $6,488,534.72. This represents a 3.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 1,186,443 shares of company stock valued at $387,734,752. 4.80% of the stock is currently owned by company insiders.

Snowflake Stock Down 2.7%

Shares of NYSE:SNOW opened at $290.61 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.06. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $384.56. The company has a 50-day moving average price of $324.69 and a 200 day moving average price of $243.79. The company has a market cap of $102.53 billion, a price-to-earnings ratio of -91.39 and a beta of 1.32.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, September 2nd. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the business posted $0.35 earnings per share. The firm’s revenue was up 35.1% on a year-over-year basis. As a group, equities research analysts predict that Snowflake Inc. will post -1.42 earnings per share for the current year.

About Snowflake

Snowflake Inc. provides a cloud-based data platform that helps organizations store, process, analyze and share data. Its platform brings together capabilities for data warehousing, data engineering, analytics, application development and artificial intelligence, and supports data sharing through its marketplace and other services. Snowflake’s platform runs across major cloud providers, including Amazon Web Services, Microsoft Azure and Google Cloud. The company serves customers in multiple industries and geographies, offering tools to work with data across cloud environments.