Kestra Advisory Services LLC Trims Position in Snowflake Inc. $SNOW

Kestra Advisory Services LLC decreased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 9.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 32,797 shares of the company’s stock after selling 3,356 shares during the period. Kestra Advisory Services LLC’s holdings in Snowflake were worth $4,947,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC grew its stake in shares of Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. Intech Investment Management LLC raised its stake in shares of Snowflake by 24.0% during the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock worth $1,637,000 after purchasing an additional 2,167 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Snowflake by 29.7% during the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock worth $47,000 after purchasing an additional 73 shares during the period. Flow Traders U.S. LLC acquired a new stake in shares of Snowflake during the second quarter worth $221,000. Finally, The Manufacturers Life Insurance Company grew its position in Snowflake by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock valued at $5,055,000 after buying an additional 1,521 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

Shares of NYSE SNOW opened at $272.61 on Thursday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. Snowflake Inc. has a one year low of $118.30 and a one year high of $284.99. The firm has a market capitalization of $94.49 billion, a P/E ratio of -77.45 and a beta of 1.35. The company’s fifty day moving average is $222.78 and its two-hundred day moving average is $192.80.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business’s revenue was up 33.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 EPS. Analysts forecast that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Monness Crespi & Hardt boosted their price objective on shares of Snowflake from $282.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Canaccord Genuity Group lifted their target price on shares of Snowflake from $240.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, May 28th. JPMorgan Chase & Co. boosted their price target on shares of Snowflake from $245.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. BTIG Research increased their price target on shares of Snowflake from $280.00 to $325.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Finally, KeyCorp set a $295.00 price objective on shares of Snowflake in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $293.53.

Insider Buying and Selling at Snowflake

In related news, Director Mark Garrett sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the sale, the director owned 8,801 shares in the company, valued at $2,200,250. This represents a 91.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Frank Slootman sold 437,076 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $252.43, for a total value of $110,331,094.68. Following the completion of the transaction, the director directly owned 38,046 shares of the company’s stock, valued at $9,603,951.78. The trade was a 91.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,802,015 shares of company stock valued at $421,739,629. Corporate insiders own 4.80% of the company’s stock.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.