ProShare Advisors LLC Trims Holdings in Snowflake Inc. $SNOW

ProShare Advisors LLC reduced its stake in Snowflake Inc. (NYSE:SNOW) by 16.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,533 shares of the company’s stock after selling 294 shares during the quarter. ProShare Advisors LLC’s holdings in Snowflake were worth $343,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SNOW. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake in the second quarter valued at about $25,000. Avion Wealth increased its holdings in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after buying an additional 49 shares during the last quarter. Rossby Financial LCC raised its position in shares of Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after buying an additional 127 shares during the period. Whittier Trust Co. grew its position in Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock worth $31,000 after acquiring an additional 82 shares during the period. Finally, Golden State Wealth Management LLC increased its stake in Snowflake by 417.2% during the second quarter. Golden State Wealth Management LLC now owns 150 shares of the company’s stock worth $34,000 after acquiring an additional 121 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president owned 527,336 shares of the company’s stock, valued at $123,132,956. This trade represents a 1.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Vivek Raghunathan sold 11,801 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the transaction, the senior vice president owned 241,854 shares of the company’s stock, valued at $53,986,649.88. This trade represents a 4.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 931,388 shares of company stock worth $216,578,628. 6.80% of the stock is owned by corporate insiders.

Snowflake Price Performance

Shares of SNOW opened at $234.37 on Friday. Snowflake Inc. has a fifty-two week low of $120.10 and a fifty-two week high of $280.67. The firm’s 50 day moving average price is $246.37 and its 200 day moving average price is $221.34. The company has a market cap of $79.40 billion, a P/E ratio of -56.47 and a beta of 1.23. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

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

Analyst Ratings Changes

Several brokerages have recently commented on SNOW. KeyCorp upped their price target on Snowflake from $250.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Citigroup reaffirmed a “market outperform” rating on shares of Snowflake in a research note on Tuesday, October 28th. Truist Financial lifted their price target on shares of Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Guggenheim restated a “neutral” rating on shares of Snowflake in a report on Thursday, August 28th. Finally, Macquarie increased their price objective on shares of Snowflake from $210.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $266.42.

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.