ICONIQ Capital LLC Lowers Position in Snowflake Inc. $SNOW

ICONIQ Capital LLC reduced its stake in Snowflake Inc. (NYSE:SNOW) by 23.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 8,374 shares of the company’s stock after selling 2,591 shares during the period. ICONIQ Capital LLC’s holdings in Snowflake were worth $1,874,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Trust Co. of Toledo NA OH acquired a new stake in Snowflake in the 2nd quarter valued at approximately $25,000. Avion Wealth grew its stake in shares of Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after buying an additional 49 shares in the last quarter. Rossby Financial LCC grew its stake in shares of Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after buying an additional 127 shares in the last quarter. Whittier Trust Co. grew its stake in shares of Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after buying an additional 82 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its holdings in shares of Snowflake by 417.2% in the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company’s stock valued at $34,000 after buying an additional 121 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $257.30, for a total transaction of $12,951,967.40. Following the sale, the director owned 33,596 shares of the company’s stock, valued at approximately $8,644,250.80. This trade represents a 59.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 7,551 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total value of $1,670,583.24. Following the completion of the transaction, the director directly owned 153,226 shares of the company’s stock, valued at $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 221,360 shares of company stock worth $53,391,315. Insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on SNOW. Rosenblatt Securities raised their target price on Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a report on Monday, December 1st. Canaccord Genuity Group raised their price objective on shares of Snowflake from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, December 4th. Bank of America upped their target price on shares of Snowflake from $280.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Robert W. Baird raised their price target on shares of Snowflake from $260.00 to $270.00 and gave the company an “outperform” rating in a research report on Thursday, December 4th. Finally, JMP Securities upped their price objective on Snowflake from $283.00 to $325.00 and gave the stock a “market outperform” rating in a research report on Tuesday, October 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $274.78.

Snowflake Price Performance

Shares of SNOW opened at $217.95 on Friday. The firm has a market capitalization of $73.84 billion, a price-to-earnings ratio of -53.95 and a beta of 1.09. The firm’s fifty day simple moving average is $250.24 and its 200-day simple moving average is $227.20. Snowflake Inc. has a twelve month low of $120.10 and a twelve month high of $280.67. The company has a current ratio of 1.37, a quick ratio of 1.48 and a debt-to-equity ratio of 1.07.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The company’s revenue was up 28.7% compared to the same quarter last year. Equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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.