New Century Financial Group LLC Reduces Stock Position in Snowflake Inc. $SNOW

New Century Financial Group LLC cut its stake in Snowflake Inc. (NYSE:SNOW) by 43.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 907 shares of the company’s stock after selling 699 shares during the period. New Century Financial Group LLC’s holdings in Snowflake were worth $203,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new position in Snowflake in the first quarter valued at about $26,000. CVA Family Office LLC increased its holdings in Snowflake by 80.0% in 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 in the last quarter. Golden State Wealth Management LLC grew its position in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock valued at $31,000 after purchasing an additional 187 shares during the last quarter. HighMark Wealth Management LLC grew its position in shares of Snowflake by 200.0% in the second quarter. HighMark Wealth Management LLC now owns 225 shares of the company’s stock valued at $50,000 after purchasing an additional 150 shares during the last quarter. Finally, Raleigh Capital Management Inc. acquired a new stake in shares of Snowflake in the second quarter valued at approximately $53,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SNOW. Oppenheimer increased their price target on shares of Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Needham & Company LLC increased their price target on shares of Snowflake from $230.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. JMP Securities reiterated a “market outperform” rating and issued a $260.00 price target on shares of Snowflake in a research report on Tuesday, August 26th. Jefferies Financial Group increased their price target on shares of Snowflake from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Finally, Monness Crespi & Hardt increased their price target on shares of Snowflake from $245.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $255.53.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total value of $2,335,000.00. Following the transaction, the executive vice president owned 527,336 shares in the company, valued at $123,132,956. This trade represents a 1.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the transaction, the senior vice president owned 241,854 shares in the company, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,601,630 shares of company stock worth $362,990,571 in the last 90 days. Company insiders own 6.80% of the company’s stock.

Snowflake Stock Down 2.1%

Shares of NYSE SNOW opened at $235.42 on Friday. Snowflake Inc. has a 1 year low of $111.15 and a 1 year high of $249.99. The firm’s 50 day moving average price is $215.94 and its 200 day moving average price is $195.62. The firm has a market cap of $79.76 billion, a P/E ratio of -56.73 and a beta of 1.21. 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 announced 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 net margin of 33.53% and a negative return on equity of 42.98%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the business earned $0.18 earnings per share. Snowflake’s revenue was up 31.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

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.