FourThought Financial Partners LLC Reduces Stock Position in Snowflake Inc. (NYSE:SNOW)

FourThought Financial Partners LLC reduced its position in shares of Snowflake Inc. (NYSE:SNOW) by 87.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,914 shares of the company’s stock after selling 12,989 shares during the quarter. FourThought Financial Partners LLC’s holdings in Snowflake were worth $280,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SNOW. TD Asset Management Inc boosted its stake in shares of Snowflake by 2.1% in the first quarter. TD Asset Management Inc now owns 82,765 shares of the company’s stock worth $12,097,000 after acquiring an additional 1,683 shares during the period. HB Wealth Management LLC lifted its holdings in Snowflake by 53.5% in the 1st quarter. HB Wealth Management LLC now owns 3,944 shares of the company’s stock worth $576,000 after purchasing an additional 1,375 shares in the last quarter. Nvwm LLC boosted its stake in Snowflake by 5,210.2% in the 1st quarter. Nvwm LLC now owns 6,266 shares of the company’s stock worth $916,000 after purchasing an additional 6,148 shares during the period. Stevens Capital Management LP purchased a new stake in Snowflake during the 1st quarter valued at approximately $238,000. Finally, Baillie Gifford & Co. grew its holdings in Snowflake by 8.2% during the 1st quarter. Baillie Gifford & Co. now owns 2,928,696 shares of the company’s stock valued at $428,058,000 after buying an additional 222,920 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Price Performance

Shares of Snowflake stock opened at $219.55 on Friday. The stock has a market capitalization of $73.30 billion, a P/E ratio of -52.15 and a beta of 1.22. The business has a 50 day simple moving average of $211.09 and a two-hundred day simple moving average of $180.95. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $226.60. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the firm posted $0.14 EPS. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. As a group, analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on SNOW shares. Scotiabank reiterated an “outperform” rating on shares of Snowflake in a research note on Thursday, May 22nd. Loop Capital boosted their target price on Snowflake from $220.00 to $245.00 and gave the stock a “buy” rating in a research report on Wednesday, June 4th. Evercore ISI restated a “buy” rating on shares of Snowflake in a report on Wednesday, June 4th. HSBC cut Snowflake from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Finally, Daiwa Capital Markets assumed coverage on shares of Snowflake in a report on Tuesday, April 1st. They issued a “buy” rating and a $210.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $226.73.

Insider Buying and Selling

In other news, Director Mark Garrett sold 67,000 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $198.98, for a total transaction of $13,331,660.00. Following the transaction, the director directly owned 7,428 shares in the company, valued at $1,478,023.44. The trade was a 90.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the sale, the director directly owned 165,507 shares of the company’s stock, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,708,258 shares of company stock worth $588,162,906. 6.80% of the stock is owned by 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, as well as applies artificial intelligence (AI) for solving business problems.