Snowflake Inc. $SNOW Position Lessened by GraniteShares Advisors LLC

GraniteShares Advisors LLC reduced its stake in shares of Snowflake Inc. (NYSE:SNOW) by 8.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,378 shares of the company’s stock after selling 404 shares during the quarter. GraniteShares Advisors LLC’s holdings in Snowflake were worth $980,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new stake in Snowflake in the 1st quarter valued at about $26,000. CVA Family Office LLC raised its holdings in shares of Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after buying an additional 88 shares during the last quarter. Golden State Wealth Management LLC boosted its position in shares of Snowflake by 748.0% during the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock worth $31,000 after buying an additional 187 shares during the period. Tradewinds Capital Management LLC grew its holdings in Snowflake by 53.1% in the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company’s stock worth $36,000 after buying an additional 85 shares in the last quarter. Finally, CX Institutional acquired a new stake in Snowflake in the 1st quarter valued at approximately $42,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Price Performance

NYSE SNOW opened at $224.64 on Monday. Snowflake Inc. has a 1 year low of $108.71 and a 1 year high of $249.99. The business’s fifty day moving average is $214.29 and its two-hundred day moving average is $193.53. The stock has a market capitalization of $76.11 billion, a P/E ratio of -54.13 and a beta of 1.22. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the previous year, the firm posted $0.18 EPS. The company’s quarterly revenue was up 31.8% on a year-over-year basis. On average, research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 2,611 shares of the firm’s stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $230.48, for a total value of $601,783.28. Following the completion of the transaction, the executive vice president directly owned 542,450 shares in the company, valued at $125,023,876. This trade represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Emily Ho sold 1,658 shares of Snowflake stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the completion of the transaction, the chief accounting officer directly owned 31,745 shares in the company, valued at approximately $7,150,561.25. This trade represents a 4.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,251,864 shares of company stock valued at $504,714,102 over the last ninety days. Corporate insiders own 6.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SNOW shares. Stifel Nicolaus boosted their price target on Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. CICC Research began coverage on shares of Snowflake in a research report on Friday, June 20th. They issued an “outperform” rating and a $225.00 target price for the company. Rosenblatt Securities raised their target price on shares of Snowflake from $210.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. boosted their price target on shares of Snowflake from $225.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Finally, Needham & Company LLC increased their price objective on shares of Snowflake from $230.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $255.53.

Snowflake Company 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.