Principal Financial Group Inc. Sells 11,026 Shares of Snowflake Inc. (NYSE:SNOW)

Principal Financial Group Inc. decreased its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 13.9% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 68,251 shares of the company's stock after selling 11,026 shares during the period. Principal Financial Group Inc.'s holdings in Snowflake were worth $7,839,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNOW. LRI Investments LLC boosted its stake in shares of Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company's stock valued at $25,000 after buying an additional 112 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in shares of Snowflake during the 2nd quarter valued at $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Snowflake during the 3rd quarter valued at $30,000. Fortitude Family Office LLC acquired a new stake in shares of Snowflake during the 3rd quarter valued at $34,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Snowflake during the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Down 1.3 %

SNOW stock traded down $1.69 during midday trading on Wednesday, reaching $128.55. 5,688,563 shares of the company's stock traded hands, compared to its average volume of 6,455,562. The company has a 50-day simple moving average of $117.48 and a two-hundred day simple moving average of $127.89. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72. The company has a market cap of $43.09 billion, a price-to-earnings ratio of -42.57 and a beta of 0.83.

Snowflake (NYSE:SNOW - Get Free Report) last released 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 return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million during the quarter, compared to analysts' expectations of $851.72 million. During the same period last year, the firm posted ($0.52) EPS. The business's revenue was up 28.9% on a year-over-year basis. Equities research analysts forecast that Snowflake Inc. will post -2.41 EPS for the current year.

Insider Activity at Snowflake

In other Snowflake news, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the sale, the insider now owns 53,820 shares of the company's stock, valued at approximately $6,156,469.80. The trade was a 3.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the firm's stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now owns 218,246 shares in the company, valued at $23,998,330.16. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock valued at $7,061,544 in the last three months. Corporate insiders own 7.80% of the company's stock.

Wall Street Analysts Forecast Growth

SNOW has been the subject of a number of research reports. Wedbush raised shares of Snowflake to a "hold" rating in a research note on Thursday, October 17th. Monness Crespi & Hardt raised shares of Snowflake from a "neutral" rating to a "buy" rating and set a $140.00 target price on the stock in a research report on Wednesday, November 6th. KeyCorp reduced their price target on Snowflake from $168.00 to $150.00 and set an "overweight" rating for the company in a research report on Monday, November 11th. Loop Capital lowered their price objective on Snowflake from $225.00 to $185.00 and set a "buy" rating on the stock in a report on Wednesday, August 21st. Finally, Piper Sandler restated an "overweight" rating and issued a $165.00 target price on shares of Snowflake in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the company's stock. Based on data from MarketBeat, Snowflake currently has an average rating of "Moderate Buy" and an average price target of $171.59.

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.