Snowflake Inc. (NYSE:SNOW) Position Trimmed by New York Life Investment Management LLC

New York Life Investment Management LLC trimmed its stake in Snowflake Inc. (NYSE:SNOW) by 71.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,682 shares of the company’s stock after selling 11,486 shares during the quarter. New York Life Investment Management LLC’s holdings in Snowflake were worth $932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Rakuten Securities Inc. purchased a new stake in shares of Snowflake during the 4th quarter worth about $790,000. Sequoia Financial Advisors LLC increased its holdings in Snowflake by 209.3% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,658 shares of the company’s stock worth $927,000 after buying an additional 3,152 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in Snowflake during the third quarter valued at approximately $458,000. Glynn Capital Management LLC lifted its stake in Snowflake by 3.1% in the third quarter. Glynn Capital Management LLC now owns 188,428 shares of the company’s stock valued at $28,786,000 after acquiring an additional 5,629 shares during the last quarter. Finally, Raymond James & Associates grew its position in Snowflake by 55.9% in the fourth quarter. Raymond James & Associates now owns 295,486 shares of the company’s stock worth $58,802,000 after acquiring an additional 105,937 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SNOW shares. Canaccord Genuity Group restated a “buy” rating and set a $230.00 price target on shares of Snowflake in a report on Thursday, February 29th. Piper Sandler reissued an “overweight” rating and set a $250.00 price objective on shares of Snowflake in a report on Tuesday, February 27th. Evercore ISI cut their price objective on Snowflake from $250.00 to $225.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Oppenheimer decreased their target price on Snowflake from $240.00 to $220.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. Finally, Truist Financial dropped their price target on shares of Snowflake from $250.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $202.77.

Snowflake Stock Down 0.9 %

Shares of SNOW stock opened at $157.72 on Thursday. The company has a market capitalization of $52.71 billion, a P/E ratio of -61.85 and a beta of 0.90. Snowflake Inc. has a 12-month low of $138.40 and a 12-month high of $237.72. The firm has a 50-day moving average price of $160.35 and a 200 day moving average price of $179.27.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. The company had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. As a group, research analysts expect that Snowflake Inc. will post -1.9 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, SVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $230.00, for a total value of $2,300,000.00. Following the completion of the transaction, the senior vice president now directly owns 726,567 shares of the company’s stock, valued at $167,110,410. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $230.00, for a total value of $2,300,000.00. Following the transaction, the senior vice president now directly owns 726,567 shares in the company, valued at approximately $167,110,410. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark D. Mclaughlin bought 3,030 shares of Snowflake stock in a transaction on Wednesday, March 6th. The shares were bought at an average price of $165.45 per share, for a total transaction of $501,313.50. Following the acquisition, the director now owns 11,687 shares of the company’s stock, valued at approximately $1,933,614.15. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 72,380 shares of company stock worth $12,206,900. Insiders own 8.30% of the company’s stock.

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.