Adero Partners LLC Lowers Position in Snowflake Inc. (NYSE:SNOW)

Adero Partners LLC trimmed its holdings in Snowflake Inc. (NYSE:SNOW) by 2.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 233,272 shares of the company’s stock after selling 5,093 shares during the period. Snowflake accounts for about 1.8% of Adero Partners LLC’s portfolio, making the stock its 15th largest position. Adero Partners LLC’s holdings in Snowflake were worth $26,794,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Snowflake by 10.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,725 shares of the company’s stock worth $279,000 after purchasing an additional 170 shares during the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Snowflake by 12.8% in the first quarter. Avantax Advisory Services Inc. now owns 5,326 shares of the company’s stock worth $861,000 after purchasing an additional 604 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of Snowflake by 26.1% in the first quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock worth $230,000 after purchasing an additional 295 shares during the last quarter. Kingsview Wealth Management LLC increased its holdings in shares of Snowflake by 386.6% in the first quarter. Kingsview Wealth Management LLC now owns 6,579 shares of the company’s stock worth $1,063,000 after purchasing an additional 5,227 shares during the last quarter. Finally, Blair William & Co. IL increased its holdings in shares of Snowflake by 32.9% in the first quarter. Blair William & Co. IL now owns 38,206 shares of the company’s stock worth $6,174,000 after purchasing an additional 9,450 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SNOW has been the topic of several analyst reports. Canaccord Genuity Group reduced their price objective on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Wells Fargo & Company reduced their price objective on Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 22nd. Wedbush raised Snowflake to a “hold” rating in a research note on Thursday, October 17th. HSBC raised Snowflake from a “reduce” rating to a “hold” rating and boosted their price objective for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. Finally, Argus assumed coverage on Snowflake in a research note on Tuesday, October 1st. They set a “hold” rating on the stock. One research 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $172.09.

Snowflake Stock Down 2.6 %

Shares of Snowflake stock opened at $125.96 on Friday. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72. The firm’s 50-day moving average price is $116.73 and its 200 day moving average price is $128.50.

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

Insider Transactions at Snowflake

In other news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $6,156,469.80. This trade represents a 3.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction that occurred 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 owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock worth $7,061,544 in the last 90 days. Insiders own 7.80% 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.