Natixis Trims Stake in Snowflake Inc. (NYSE:SNOW)

Natixis cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 86.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,359 shares of the company’s stock after selling 96,386 shares during the quarter. Natixis’ holdings in Snowflake were worth $2,482,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Accent Capital Management LLC bought a new position in shares of Snowflake during the fourth quarter valued at approximately $25,000. Riverview Trust Co bought a new position in shares of Snowflake during the first quarter valued at approximately $31,000. Hartford Financial Management Inc. bought a new position in shares of Snowflake during the first quarter valued at approximately $32,000. Future Financial Wealth Managment LLC bought a new position in shares of Snowflake during the first quarter valued at approximately $32,000. Finally, FinTrust Capital Advisors LLC boosted its stake in shares of Snowflake by 193.9% during the fourth quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock valued at $39,000 after purchasing an additional 128 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SNOW. Loop Capital lowered their target price on shares of Snowflake from $235.00 to $225.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Wedbush restated a “neutral” rating and issued a $210.00 target price on shares of Snowflake in a research note on Wednesday, June 5th. Barclays raised their target price on shares of Snowflake from $188.00 to $191.00 and gave the company an “equal weight” rating in a research note on Thursday, May 23rd. UBS Group raised their target price on shares of Snowflake from $185.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, May 23rd. Finally, Wells Fargo & Company decreased their price target on shares of Snowflake from $225.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, June 21st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.31.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the sale, the executive vice president now directly owns 772,597 shares of the company’s stock, valued at approximately $124,504,006.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Emily Ho sold 6,500 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $158.36, for a total value of $1,029,340.00. Following the sale, the chief accounting officer now directly owns 36,076 shares of the company’s stock, valued at approximately $5,712,995.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total transaction of $241,725.00. Following the completion of the sale, the executive vice president now directly owns 772,597 shares in the company, valued at $124,504,006.55. The disclosure for this sale can be found here. Insiders have sold 533,460 shares of company stock worth $66,963,450 in the last ninety days. 7.80% of the stock is owned by insiders.

Snowflake Price Performance

SNOW traded up $3.91 on Thursday, reaching $129.53. 5,344,884 shares of the company’s stock were exchanged, compared to its average volume of 6,487,532. The stock has a market cap of $43.37 billion, a PE ratio of -46.26 and a beta of 0.85. Snowflake Inc. has a twelve month low of $122.60 and a twelve month high of $237.72. The stock’s fifty day moving average price is $138.32 and its 200-day moving average price is $165.80.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The business had revenue of $828.71 million for the quarter, compared to analyst estimates of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. As a group, research analysts predict that Snowflake Inc. will post -2.28 earnings per share for the current fiscal year.

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.