Snowflake Inc. (NYSE:SNOW) Stake Lessened by Adero Partners LLC

Adero Partners LLC lessened its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 2.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 233,272 shares of the company's stock after selling 5,093 shares during the period. Snowflake comprises 1.8% of Adero Partners LLC's investment portfolio, making the stock its 15th biggest holding. Adero Partners LLC owned about 0.07% of Snowflake worth $26,794,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SNOW. Comerica Bank boosted its stake in Snowflake by 17.2% in the first quarter. Comerica Bank now owns 29,267 shares of the company's stock valued at $4,729,000 after acquiring an additional 4,296 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in Snowflake by 23.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company's stock worth $37,484,000 after buying an additional 43,062 shares during the last quarter. Cetera Investment Advisers grew its position in Snowflake by 201.5% in the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company's stock valued at $10,292,000 after buying an additional 42,563 shares during the last quarter. LRI Investments LLC acquired a new position in Snowflake in the 1st quarter valued at $29,000. Finally, Fulton Bank N.A. lifted its stake in shares of Snowflake by 17.4% in the 2nd quarter. Fulton Bank N.A. now owns 1,538 shares of the company's stock worth $208,000 after acquiring an additional 228 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of Snowflake stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the transaction, the executive vice president now owns 721,755 shares of the company's stock, valued at $86,610,600. The trade was a 3.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Frank Slootman sold 1,606 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now directly owns 218,246 shares in the company, valued at $23,998,330.16. This trade represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,061,544 in the last three months. 7.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Piper Sandler reiterated an "overweight" rating and set a $165.00 price target on shares of Snowflake in a research note on Thursday, August 22nd. UBS Group dropped their target price on Snowflake from $155.00 to $125.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 24th. Monness Crespi & Hardt raised Snowflake from a "neutral" rating to a "buy" rating and set a $140.00 price target for the company in a report on Wednesday, November 6th. TD Cowen dropped their price objective on Snowflake from $230.00 to $180.00 and set a "buy" rating for the company in a research note on Monday, August 19th. Finally, Robert W. Baird lowered their target price on Snowflake from $200.00 to $165.00 and set an "outperform" rating on the stock in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average target price of $172.09.

Snowflake Price Performance

SNOW traded down $3.31 during trading hours on Friday, reaching $125.96. 5,737,745 shares of the stock traded hands, compared to its average volume of 4,589,415. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The company has a market cap of $42.22 billion, a price-to-earnings ratio of -41.16 and a beta of 0.83. The firm's fifty day simple moving average is $116.73 and its two-hundred day simple moving average is $128.50.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company's revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.52) earnings per share. On average, research analysts predict that Snowflake Inc. will post -2.41 earnings per share for the current year.

Snowflake Company 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.