Snowflake Inc. (NYSE:SNOW) Position Cut by Mount Lucas Management LP

Mount Lucas Management LP lowered its position in shares of Snowflake Inc. (NYSE:SNOW) by 55.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,101 shares of the company’s stock after selling 1,394 shares during the period. Mount Lucas Management LP’s holdings in Snowflake were worth $149,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of SNOW. Comerica Bank grew its position in Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after purchasing an additional 4,296 shares during the last quarter. Choreo LLC increased its position in Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after acquiring an additional 1,294 shares during the period. DekaBank Deutsche Girozentrale raised its stake in Snowflake by 23.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after acquiring an additional 43,062 shares in the last quarter. Trexquant Investment LP boosted its position in Snowflake by 266.3% during the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock worth $2,089,000 after acquiring an additional 7,633 shares during the period. Finally, Ridgewood Investments LLC bought a new position in shares of Snowflake in the first quarter worth $244,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW opened at $108.56 on Monday. The firm has a market cap of $36.39 billion, a PE ratio of -38.77 and a beta of 0.84. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72. The firm’s 50 day moving average price is $126.57 and its 200 day moving average price is $145.64.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. Snowflake’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.52) EPS. On average, sell-side analysts anticipate that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SNOW. JMP Securities reduced their price objective on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. Wedbush reduced their price target on shares of Snowflake from $210.00 to $140.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Piper Sandler reiterated an “overweight” rating and issued a $165.00 price objective on shares of Snowflake in a report on Thursday, August 22nd. Rosenblatt Securities reissued a “buy” rating and set a $195.00 target price on shares of Snowflake in a report on Monday, August 19th. Finally, Scotiabank decreased their price target on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

Insider Transactions at Snowflake

In related news, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the transaction, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the transaction, the director now owns 4,247 shares in the company, valued at approximately $607,236.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benoit Dageville sold 558 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total transaction of $71,596.98. Following the sale, the insider now owns 63,222 shares of the company’s stock, valued at $8,112,014.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 512,678 shares of company stock worth $63,434,135. 7.80% of the stock is owned by corporate insiders.

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.