Raymond James Trust N.A. Sells 7,233 Shares of Snowflake Inc. (NYSE:SNOW)

Raymond James Trust N.A. trimmed its stake in Snowflake Inc. (NYSE:SNOW) by 33.9% during the third quarter, HoldingsChannel.com reports. The fund owned 14,091 shares of the company’s stock after selling 7,233 shares during the quarter. Raymond James Trust N.A.’s holdings in Snowflake were worth $1,618,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SNOW. Charles Schwab Investment Management Inc. grew its holdings in shares of Snowflake by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,247,511 shares of the company’s stock worth $143,289,000 after purchasing an additional 36,704 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Snowflake in the third quarter valued at about $11,252,000. John G Ullman & Associates Inc. grew its stake in Snowflake by 91.1% during the third quarter. John G Ullman & Associates Inc. now owns 33,350 shares of the company’s stock worth $3,831,000 after buying an additional 15,900 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new stake in shares of Snowflake during the third quarter worth approximately $293,000. Finally, Citizens Financial Group Inc. RI raised its stake in shares of Snowflake by 13.4% in the third quarter. Citizens Financial Group Inc. RI now owns 94,597 shares of the company’s stock valued at $10,865,000 after acquiring an additional 11,165 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Price Performance

NYSE:SNOW opened at $167.44 on Friday. The business’s 50-day simple moving average is $120.06 and its 200-day simple moving average is $128.00. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The stock has a market capitalization of $56.13 billion, a PE ratio of -49.39 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative net margin of 33.02% and a negative return on equity of 22.01%. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the previous year, the firm posted ($0.52) earnings per share. The business’s revenue was up 28.9% on a year-over-year basis. On average, research analysts expect that Snowflake Inc. will post -2.41 earnings per share for the current year.

Insider Buying and Selling

In other Snowflake news, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the sale, the insider now owns 53,250 shares of the company’s stock, valued at $5,932,582.50. This trade represents a 0.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.77, for a total value of $1,811,550.00. Following the completion of the sale, the executive vice president now owns 706,755 shares in the company, valued at approximately $85,354,801.35. This trade represents a 2.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock worth $7,061,544 over the last ninety days. Company insiders own 7.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SNOW. Monness Crespi & Hardt raised their price target on Snowflake from $140.00 to $188.00 and gave the company a “buy” rating in a report on Thursday. Piper Sandler restated an “overweight” rating and issued a $185.00 target price (up from $165.00) on shares of Snowflake in a research note on Thursday. StockNews.com upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Wednesday. Wedbush raised their price objective on shares of Snowflake from $130.00 to $160.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Argus initiated coverage on shares of Snowflake in a research report on Tuesday, October 1st. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $180.23.

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.