ING Groep NV Sells 104,897 Shares of Snowflake Inc. (NYSE:SNOW)

ING Groep NV cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 43.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 136,000 shares of the company’s stock after selling 104,897 shares during the quarter. ING Groep NV’s holdings in Snowflake were worth $15,621,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. LRI Investments LLC raised its position in Snowflake by 155.6% in the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Snowflake in the second quarter valued at approximately $27,000. V Square Quantitative Management LLC bought a new position in Snowflake in the 3rd quarter valued at approximately $30,000. Fortitude Family Office LLC acquired a new stake in Snowflake during the 3rd quarter worth approximately $34,000. Finally, Opal Wealth Advisors LLC bought a new stake in Snowflake during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SNOW shares. Barclays cut their price target on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Argus assumed coverage on Snowflake in a research report on Tuesday, October 1st. They issued a “hold” rating on the stock. TD Cowen lowered their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Evercore ISI reduced their target price on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Jefferies Financial Group lowered their price target on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $172.09.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 6,251 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $715,051.89. Following the completion of the sale, the director now directly owns 208,735 shares of the company’s stock, valued at $23,877,196.65. This trade represents a 2.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. This represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,538 shares of company stock valued at $7,061,544. 7.80% of the stock is owned by insiders.

Snowflake Trading Down 1.2 %

NYSE:SNOW opened at $129.19 on Friday. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72. The firm has a 50-day moving average price of $116.03 and a two-hundred day moving average price of $128.90.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period last year, the company posted ($0.52) earnings per share. Equities analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current year.

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.