Gabelli Funds LLC Lowers Stock Holdings in Snowflake Inc. $SNOW

Gabelli Funds LLC reduced its stake in Snowflake Inc. (NYSE:SNOW) by 18.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,680 shares of the company’s stock after selling 370 shares during the quarter. Gabelli Funds LLC’s holdings in Snowflake were worth $246,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Snowflake by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company’s stock valued at $3,974,705,000 after purchasing an additional 316,573 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Snowflake by 19.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock valued at $691,693,000 after purchasing an additional 763,673 shares during the last quarter. Nuveen LLC purchased a new position in shares of Snowflake in the 1st quarter valued at approximately $555,847,000. Goldman Sachs Group Inc. boosted its stake in shares of Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock valued at $524,293,000 after buying an additional 650,775 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Snowflake by 26.5% in the first quarter. Invesco Ltd. now owns 3,088,288 shares of the company’s stock valued at $451,384,000 after buying an additional 647,176 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $208.69, for a total value of $84,102.07. Following the completion of the transaction, the director directly owned 26,136 shares of the company’s stock, valued at $5,454,321.84. The trade was a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $216.00, for a total value of $2,160,000.00. Following the completion of the transaction, the executive vice president directly owned 537,336 shares of the company’s stock, valued at approximately $116,064,576. This trade represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,216,909 shares of company stock valued at $717,287,181 in the last three months. 6.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SNOW. Morgan Stanley lifted their price target on Snowflake from $262.00 to $272.00 and gave the company an “overweight” rating in a research note on Thursday. Wedbush lifted their price target on Snowflake from $230.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday. Loop Capital lifted their price target on Snowflake from $220.00 to $245.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Oppenheimer lifted their price target on Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Citigroup restated an “outperform” rating on shares of Snowflake in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $255.53.

Snowflake Stock Down 1.0%

SNOW opened at $238.69 on Monday. The business’s fifty day moving average is $211.41 and its two-hundred day moving average is $185.85. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The company has a market cap of $79.69 billion, a price-to-earnings ratio of -57.51 and a beta of 1.22. Snowflake Inc. has a one year low of $107.13 and a one year high of $249.99.

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.