Gabelli Funds LLC Trims Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Gabelli Funds LLC reduced its stake in Snowflake Inc. (NYSE:SNOW) by 31.5% during the 2nd quarter, Holdings Channel reports. The fund owned 53,403 shares of the company’s stock after selling 24,550 shares during the period. Gabelli Funds LLC’s holdings in Snowflake were worth $9,398,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Global Trust Asset Management LLC lifted its position in shares of Snowflake by 7,500.0% in the second quarter. Global Trust Asset Management LLC now owns 152 shares of the company’s stock valued at $27,000 after acquiring an additional 150 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its position in Snowflake by 333.3% during the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock worth $29,000 after buying an additional 100 shares during the period. Creative Financial Designs Inc. ADV lifted its position in Snowflake by 111.1% during the second quarter. Creative Financial Designs Inc. ADV now owns 190 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Geneos Wealth Management Inc. lifted its position in Snowflake by 1,361.5% during the second quarter. Geneos Wealth Management Inc. now owns 190 shares of the company’s stock worth $33,000 after buying an additional 177 shares during the period. Finally, Riverview Trust Co lifted its position in Snowflake by 96.0% during the second quarter. Riverview Trust Co now owns 194 shares of the company’s stock worth $34,000 after buying an additional 95 shares during the period. 63.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. HSBC assumed coverage on Snowflake in a research report on Friday, September 15th. They set a “buy” rating and a $201.00 target price on the stock. Piper Sandler dropped their price target on Snowflake from $205.00 to $195.00 and set an “overweight” rating for the company in a research note on Monday, October 23rd. Wedbush restated a “neutral” rating and set a $144.00 price target on shares of Snowflake in a research note on Thursday, August 24th. DA Davidson assumed coverage on Snowflake in a research note on Thursday, September 7th. They set a “buy” rating and a $200.00 price target for the company. Finally, Oppenheimer restated an “outperform” rating and set a $220.00 price target on shares of Snowflake in a research note on Thursday, August 24th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $189.52.

Snowflake Stock Performance

Shares of SNOW stock opened at $166.85 on Tuesday. Snowflake Inc. has a 1 year low of $119.27 and a 1 year high of $193.94. The stock has a market cap of $55.01 billion, a PE ratio of -62.73 and a beta of 0.77. The business’s fifty day moving average is $154.74 and its 200-day moving average is $163.47.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 23rd. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.12. Snowflake had a negative return on equity of 14.07% and a negative net margin of 35.22%. The company had revenue of $674.00 million for the quarter, compared to analysts’ expectations of $662.22 million. During the same period last year, the firm earned ($0.67) EPS. The firm’s revenue for the quarter was up 35.6% on a year-over-year basis. Equities research analysts predict that Snowflake Inc. will post -1.62 earnings per share for the current year.

Insider Activity

In related news, CEO Frank Slootman sold 8,334 shares of Snowflake stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $154.50, for a total value of $1,287,603.00. Following the transaction, the chief executive officer now directly owns 185,683 shares in the company, valued at approximately $28,688,023.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Frank Slootman sold 8,334 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $154.50, for a total value of $1,287,603.00. Following the completion of the sale, the chief executive officer now owns 185,683 shares of the company’s stock, valued at $28,688,023.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benoit Dageville sold 13,740 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $166.27, for a total value of $2,284,549.80. Following the completion of the sale, the insider now directly owns 40,847 shares of the company’s stock, valued at approximately $6,791,630.69. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,446 shares of company stock worth $14,733,361. 8.30% of the stock is owned by company insiders.

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.