Profund Advisors LLC Sells 6,112 Shares of Snowflake Inc. $SNOW

Profund Advisors LLC reduced its position in Snowflake Inc. (NYSE:SNOW) by 31.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 13,130 shares of the company’s stock after selling 6,112 shares during the period. Profund Advisors LLC’s holdings in Snowflake were worth $2,938,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Cantor Fitzgerald upped their target price on shares of Snowflake from $242.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Piper Sandler boosted their price target on shares of Snowflake from $215.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Bank of America upgraded Snowflake from a “neutral” rating to a “buy” rating and increased their price objective for the company from $220.00 to $240.00 in a research report on Wednesday, August 20th. Wedbush increased their price target on shares of Snowflake from $250.00 to $270.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Snowflake in a research note on Monday, August 25th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $258.95.

Snowflake Trading Down 0.8%

NYSE SNOW opened at $262.72 on Monday. The firm has a market capitalization of $89.01 billion, a PE ratio of -63.31 and a beta of 1.23. The stock’s 50 day moving average is $240.55 and its 200 day moving average is $215.54. Snowflake Inc. has a twelve month low of $119.66 and a twelve month high of $280.67. 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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period last year, the business earned $0.18 EPS. Snowflake’s quarterly revenue was up 31.8% compared to the same quarter last year. Research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares of the company’s stock, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total transaction of $2,335,000.00. Following the completion of the transaction, the executive vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 880,647 shares of company stock valued at $203,522,973 over the last ninety days. Insiders own 6.80% of the company’s stock.

About Snowflake

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.